A banking syndicate led by Deutsche Bank AG and HSH Nordbank AG has arranged the syndication of a USD 753.1 million loan for the financing of ten capesize bulkers for Hamburg-based shipping company E. R.
Schiffahrt GmbH & Cie KG. E. R. Schiffahrt's equity portion in the deal amounts to approx. USD 300 million for a total investment volume of USD 1.056 billion.
Each of the ships will have a capacity of 180,000 tdw (tons dead weight) and be built in Korea by the Hyundai Group. They are scheduled for delivery between February and July 2010 and primarily carry coal and iron ore. Long-term contracts with renowned charterers in Japan and China have been signed for the entire fleet.
Deutsche Bank AG and HSH Nordbank AG together acted as Initial Mandated Lead Arranger to form a club of banks and arrange the financing of the ten bulkers; other Mandated Lead Arrangers are BNP Paribas, Commerzbank and Dresdner Kleinwort, while Deutsche Schiffsbank acts as Co-Arranger. The transaction covers both the construction time and final financing of the ten ships.
According to Ralf Bedranowsky, Deutsche Shipping, Global Head of Shipping at Deutsche Bank, and Harald Kuznik, Global Head of Shipping at HSH Nordbank, this deal with this renowned client is an excellent example "that the global shipping market is returning to reasonable, market-consistent valuations also from the point of view of the financiers."
About Deutsche Bank: Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,275 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Schiffahrt GmbH & Cie KG. E. R. Schiffahrt's equity portion in the deal amounts to approx. USD 300 million for a total investment volume of USD 1.056 billion.
Each of the ships will have a capacity of 180,000 tdw (tons dead weight) and be built in Korea by the Hyundai Group. They are scheduled for delivery between February and July 2010 and primarily carry coal and iron ore. Long-term contracts with renowned charterers in Japan and China have been signed for the entire fleet.
Deutsche Bank AG and HSH Nordbank AG together acted as Initial Mandated Lead Arranger to form a club of banks and arrange the financing of the ten bulkers; other Mandated Lead Arrangers are BNP Paribas, Commerzbank and Dresdner Kleinwort, while Deutsche Schiffsbank acts as Co-Arranger. The transaction covers both the construction time and final financing of the ten ships.
According to Ralf Bedranowsky, Deutsche Shipping, Global Head of Shipping at Deutsche Bank, and Harald Kuznik, Global Head of Shipping at HSH Nordbank, this deal with this renowned client is an excellent example "that the global shipping market is returning to reasonable, market-consistent valuations also from the point of view of the financiers."
About Deutsche Bank: Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,275 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
