Allen & Overy have advised a private investor on the formation of a joint venture with Ridgebury Tankers

The private investor is a US-based alternative asset manager. Its initial investment into the joint venture funded, in part, the acquisition of four very large crude carriers (“VLCCs”). 

• In connection with the acquisition of the VLCCs, the wholly owned subsidiary of the joint venture entered into a term loan facility, a portion of which was drawn down to fund the acquisition of the VLCCs. 
• Simultaneously with the acquisition of the VLCCs, the existing charters were amended to reflect the parameters of the new structure. 

This market defining transaction demonstrates Allen & Overy’s deep expertise in both shipping and private equity and our ability to support clients in these markets on their most strategic matters. 

The A&O deal team was led by New York partner Nick Marchica, Hamburg partner Nicolaus Ascherfeld, London partner Kevin Young and New York partner Elaine Johnston.

The team was supported by counsel René Galle and senior associate Sebastian Remberg in Hamburg, senior associate Josh Davis-Tang in London, and associates Matthew Andonian and Puja Patel and law clerk Jose Basabe in New York.