Danaos Corporation’s US$1.25 Billion Refinancing

Watson Farley & Williams advised Danaos Corporation on the refinancing of US$1.25bn of its outstanding senior secured debt.

Danaos has refinanced all its outstanding debt under nine senior secured credit facilities, streamlining its capital structure from nine credit facilities to one. WFW advised on a US$815m senior secured credit facility with Citibank N.A. and National Westminster Bank plc, a US$135m sale and leaseback agreement with Oriental Fleet International Company Limited, an affiliate of COSCO Shipping Lease Co., Ltd., in respect of five vessels, and Danaos’ February 2021 offering, proceeds of which amount to US$300m of 8.500% Senior Secured Notes due in 2028.

Danaos is among the world’s largest containership charter owners based on total TEU capacity and is listed on the New York Stock Exchange.

The WFW Athens Assets & Structured Finance team that advised Danaos was led by Athens Office Head and Global Maritime Sector Co-Head George Paleokrassas (Picture), supported by Senior Associate Christina Economides, Associates Marilena Kossyfa, Alexi Remoundos and Paralegals Irene Graff and Catherine Chrysovitsanou.

Morgan Lewis and Cozen O’Connor also advised Danaos while Norton Rose Fulbright acted for the lenders and Mayer Brown for Oriental Fleet International Company Limited.

 

Involved fees earner: Christina Economides – Watson Farley & Williams; Marilena Kossyfa – Watson Farley & Williams; George Paleokrassas – Watson Farley & Williams; Alexi Remoundos – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: Danaos Corporation;

Author: Federica Tiefenthaler