Shearman & Sterling advised Naviera Armas, S.A. (the “Issuer”), a subsidiary of Bahía de las Isletas, S.L., in connection with its offering of €50 million additional aggregate principal amount of floating rate senior secured notes due 2023. The offering, which was conducted as a private offering pursuant to Regulation S under the US Securities Act, closed on March 6, 2017. The notes are guaranteed on a senior secured basis by Bahía de las Isletas, S.L. and certain of its subsidiaries. The proceeds from the offering will be used for the construction of a new vessel and for general corporate purposes.
Naviera Armas is one of the leading ferry operators for passenger and freight transportation services in the Canary Islands.
The Shearman & Sterling team was led by partners Jacques McChesney (London-Capital Markets) and Iain Goalen (London-Finance) and associates Carla Russo, Oscar Lopez (both London-Capital Markets), and Andrew Cook (London-Finance).