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Conyers Dill & Pearman played key roles in both of Marine Money’s Securitisation Deals of the Year. Announced in the publication’s February/March issue, the deals of the year highlight the two most notable shipping securitisations from 2013 and the financial institutions that executed them.
Taking home Marine Money’s Securitisation of the Year for the east was the Dong Fang Container Finance (SPV) Limited US$200 million cross-border ABS notes offering. This was the first US capital markets transaction for a Hong Kong based issuer. Conyers’ Anton Goldstein and Patrick Ormond, of the Firm’s British Virgin Islands (BVI) office, advised Dong Fang, a BVI restricted purposes company, on the transaction. Deutsche Bank, BNP Paribas and BofA Merrill Lynch were noted for their roles in this deal.
In the western category, the Buss Capital US$280 million note offering took top spot. Lauded as a “groundbreaking transaction” by Marine Money, this was the first container lease ABS matter with “separation of ownership and management…and involved multiple container lessors, which had been unheard of previously.” David Cooke and Kathleen Moniz, from Conyers’ Bermuda office, advised Global Container Assets (“GCA 2013”) in connection with the issuance by GCA 2013 of US$144 million Fixed Rate Secured Container Equipment Notes, Class A-1 and US$135.25 million Fixed Rate Secured Container Equipment Notes, Class A-2, pursuant to a note purchase agreement dated 29 October 2013. BNP Paribas, DVB and ING were the financial parties involved.
Conyers is at the forefront of the offshore shipping industry, representing many of the leading shipowners on the cross-border aspects of their transactions. The Firm also has a leading securitisation practice, advising on the creation and management of special purpose vehicles and securitisations in Bermuda, the BVI and the Cayman Islands.
For over 25 years, Marine Money has provided an in-depth analysis of the leading ship transactions and capital markets financings around the world.
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Conyers advises on Marine Money’s top securitisations of the year
This article originally appeared as part of Marine Money's February/March issue and has been reprinted with permission from the publisher.