Weil is representing KKR Credit in relation to an agreement to invest in a US$1.5 billion portfolio of shipping loans to be sold by Nord/LB and the simultaneous creation of a shipping portfolio management company by KKR Credit and a sovereign wealth fund that is expected to co-invest in the transaction. The transaction is expected to be structured as a securitisation with KKR Credit, the sovereign wealth fund and Nord/LB participating as investors.
The portfolio of performing and non-performing shipping loans is expected to include up to 100 ships and is intended to form the seed mandate for the shipping portfolio management company, which will advise on the management of shipping loans and is designed to be open for use by third party banks.
Adam Plainer, Head of Weil’s London Business Finance & Restructuring team said “We are delighted to continue to work with KKR to create innovative solutions to acquire performing and non-performing loans across Europe”.
The Weil team is led by London Business Finance & Restructuring Partner Adam Plainer and London Structured Finance Partner Brian Maher, working with associates Tom McKay and Sophie Coster. London Private Funds Partner Nigel Clark, Frankfurt Corporate Partner Uwe Hartmann and associates Peter Boulle, Jan Dietrich Harmjanz and Ludger Kempf are also advising on the transaction.