Export Credit Agency Deal of the Year
Altera`s $367 million Senior and Junior Secured amendment and upsize facility is awarded “Export Credit Agency Deal of the Year” by Marine Money.
The transaction, involving our shuttle tanker fleet on the East Coast of Canada, called for overall improvement of existing financing (significant margin reductions and removal of legacy requirements) and beneficial pre- and post delivery financing for 4th vessel currently under construction.
In a complex transaction involving five existing and new commercial banks, Korean export credit agencies, Korean investors supported by a separate asset manager and trust with legal counsel across product and geographies, we were pleased to obtain approvals during the COVID liquidity crunch whilst several participants changed strategic directions.
This showcase for resilient support for Altera, providing a beneficial, diversified and relative flexible source of capital despite its complexity with upsize equivalent to approx. 90% of 4th vessel yard cost, reduction in margins across all tranches, removal of certain legacy requirements and only junior financing of its kind outside Korea.