Vedder Thinking | News Vedder Price Nominated for Prestigious Lloyd’s List “Deal of the Year” Global Award
July 27, 2015
Vedder Price is thrilled to announce that one of the firm’s transactions is a finalist in the "Deal of the Year" category for the 2015 Lloyd’s List Global Awards. The "Deal of the Year" award celebrates the most innovative and impressive transactions in shipping today. The winner will be announced at an awards ceremony taking place October 1, 2015 at the National Maritime Museum in London.
Vedder Price represented Credit Suisse in the nominated marine container lease securitization transaction "Vedder Price and Credit Suisse—Seaco $230m BBB issuances." Credit Suisse was the sole structuring agent and the sole bookrunner for the Series 2015-1 notes issued by Global SC Funding One Limited and Global SC Funding Two Limited.
In January 2015, Bohai Leasing Co. of China (Bohai) used an innovative financing technique to pay a portion of the purchase price for its acquisition of Cronos Ltd., the Bermuda-based container leasing company. The innovative financing technique involved a $230 million securitization of excess cash flows from container lease securitization programs sponsored by Seaco SRL, another container leasing company owned by Bohai. The net proceeds of the new securitization notes were used by Bohai to pay part of the purchase price for Cronos.
Lloyd’s List provides information, analysis and knowledge for business decision makers in the global shipping community. For its annual Global Awards, the company gathered an independent panel of industry judges to review the entries.