Shearman And Sterling

News Nov 20, 2017

Shearman & Sterling Advises Naviera on Its €300 Million Bond Issue to Fund Acquisition of Trasmediterránea

Shearman & Sterling advised Naviera Armas, a subsidiary of Bahía de las Isletas, in connection with its offering of €300 million floating rate senior secured notes due 2024.  Naviera will use the proceeds of the offering to fund the acquisition of Trasmediterránea S.A., refinance part of the existing debt of Trasmediterránea and pay related fees and expenses.

Naviera Armas is one of the leading ferry operators for passenger and freight transportation services in the Canary Islands.   

Following the completion of the acquisition, which is subject to approval by the relevant competition authorities and other closing conditions, Naviera will be the leading ferry operator for passenger and freight transport services in Spain by passenger and freight volumes, number of ferries and number of routes.   

The Shearman & Sterling team was led by partner Jacques McChesney, associates Oscar Lopez and Ignacio Salas (all London-Capital Markets).  Other Shearman & Sterling lawyers involved in the transaction were partners Kristen Garry (Washington, DC-Tax) and Iain Goalen (London-Finance); counsel Mehran Massih (London-Environmental); and associates Warren Stapley (London-Finance), Devon Yamauchi (Washington, DC-Tax), Helene Zotiades (London-M&A) and William Kim (New York-Capital Markets).