ICLG: Lending and Secured Finance 2017

"The International Comparative Legal Guide to Lending and Secured Finance" is plublished by Global Legal Group, with contribution from 50 national expert teams on lending and secured finance globally.

"1.2 What are some significant lending transactions that have taken place in your jurisdiction in recent years?

During 2016, Lundin Petroleum secured a seven-year reserve-based lending facility for up to USD 5 billion with a group of 23 international banks. The facility will enable Lundin Petroleum to develop the major oil field "Johan Sverdrup" which was discovered by Lundin in 2010. In April 2016, Norwegian ship owner Østensjø Rederi took delivery of the offshore vessel "Edda Freya" from Norwegian yard Kleven Verft. OCV "Edda Freya" is among the world's alrgest offshore construction vessels with an estimated new build cost of approximately NOK 1.4bn, i.e. approximately USD 170 million. The vessel was financed through a loan syndicate consisting of DNB, NIBC, GIEK and Eksportkreditt Norge. Later the same year, in SPetember 2016, the Norwegian ship owner SOlstad Offshore ASA took delivery of the gigantic pipeline laying vesssel "Normand Maximus" from Norwegian yard Vard Brattvaag.

VLS "Normand Maximus" is the largest and most expensive offshore vessek ever buildt in Norway with an estimated total cost of approximately USD 390 million. The vessel financing was syndicated by DNB, NIBC, Swedbank, GIEK and Eksportkreditt Norge. 

We might also mention that the European Investment Bank (EIB) in December 2016 approved a EUR 800 million financing to a consortium comprising the Norwegian transmission system operator Statnett and DC Nordseekabel GmbH & Co. KG, each with a 50 % share in the construction of a high voltage (HVDC) link connection Norway and Germany across the North Sea."

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Ræder's team on Bank and Financing advises and handles issues on project financing, financing of ships, bond financing as well as leasing financing and agreements, to name a few. We also advise key players in connection to the regulatory framework and assist in all phases; From initial structuring to drafting agreements and enforcement of security.

Ræder also has several experienced and recognized laywers who advise on matters in restructuring process for various stakeholders. We assist on questions related to restructuring and insolvency, including financial restructuring or processes that involve both financial and industrial restructuring.