Banking News

In other debt news, a Sevan Marine affiliate has taken out a $300 million senior debt project finance facility for the Sevan Voayageur. GE Energy Financial Services and GE Transportation Finance acted as mandated lead arrangers. Allen & Overy, in turn, advised GE on the transaction. The limited recourse financing will include both pre and post construction financing that will convert into a $300 million amortizing term loan following the delivery of the Sevan Voyageur to Oilexco in the North Sea, where it will begin five years of contracted employment. The Sevan Voyageur is an innova­tive cylindrical floating oil production, storage and offloading unit. This is not the first time Sevan, GE and Allen & Overy have worked together. The trio successfully completed a $400 million debt facil­ity for the Sevan Driller in 2007.

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