Holman Fenwick Willan has advised NewLead Holding in relation to the recent delivery of five bitumen tankers (the Captain Nikolas I, the Nepheli, the Sofia, the Ioli, and the Katerina L.) to NewLead’s fleet.
Four of the five vessels were built in 2009, with the Sofia built in 2008. The acquisition of three out of the tankers is to be funded through a combination of equity and debt financing, with the Ioli and the Katerina L. added to NewLead's fleet following two separate bareboat/leasing agreements.
The quintet of tankers were added to NewLead’s fleet together with associated debt and in exchange for NewLead's issuance of shares of common stock.
NewLead has been managing the Captain Nikolas I and the Sofia for over a year. The remaining three vessels were delivered to NewLead's fleet at various times during the fourth quarter of 2014.
Piraeus-Based HFW Corporate and Ship Finance Partner Jasel Chauhan said of the deal: "Corporate transactions involving both equity and debt finance are a core and growing area for HFW in Piraeus. Despite the challenging market conditions both in Greece and internationally, we are delighted to have been able to assist NewLead on their latest acquisition." HFW's team consisted of Chauhan, Partner Dimitri Vassos, and Associate Holly Foster.