DQ's shipping team has advised Crédit Agricole Corporate and Investment Bank (CA-CIB) on the establishment of an Isle of Man company Sea Bridge Finance, which is a joint venture between CA-CIB and Sumitomo Mitsui Trust Bank (SMTB).
Sea Bridge Finance is a 50-50 joint venture between CA-CIB and SMTB and has been formed to invest up to US$1 billion in senior secured ship mortgage loans over the next three years. DQ will continue to represent Sea Bridge Finance in relation to its future investment activities.
Mark Dougherty, head of corporate and commercial, led the DQ team advising CA-CIB. Mark commented: ”This transaction is great news for the Isle of Man. The fact that it was chosen as the jurisdiction to facilitate this joint venture highlights the island's leading position in the global shipping industry. The island continues to be the jurisdiction of choice for the creation of innovative and flexible vehicles to be utilised in this market.”
In this transaction, DQ worked closely with Norton Rose Fulbright who also represented CA – CIB. Allen & Overy LLP advised SMTB.
DQ's specialist shipping team continues to go from strength to strength. Earlier this year, the team advised on the sale and leasehold of three car carriers from Hoegh Administrators, which was recognised as the "Deal of the Year" by Marine Money International.
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