WFW advises Piraeus Bank on the first sustainability loan
Watson Farley & Williams (âWFWâ) advised Piraeus Bank SA (âPiraeus Bankâ) on a US $ 16.85 million sustainability loan to a subsidiary of Seanergy Maritime Holdings Corp. (“Seanergy”).
The transaction included a margin adjustment mechanism based on the assessment of carbon intensity as an incentive for the owner to reduce the carbon emissions of carriers. It also incorporated dissuasive elements in the event of non-compliance demonstrating the commitment of our Piraues bank to promoting the sustainable financing of ships.
Piraeus Bank is a Greek multinational financial services company, which occupies a leading position in the financing of the Greek-owned merchant navy.
Seanergy is a Greek-based Nasdaq-listed shipping company specializing in dry bulk transportation.
The WFW cross-border team that advised Piraeus Bank was led by Athens partner Alexandros Damianidis, supported by senior partner Christina Giagka and partner Vassia Angeletaki. New York partner Susanne Burstein advised on the Marshall Islands legal aspects of the transaction.
Leader Alexandros Damianidis said: âWe are very happy to have supported our longtime client Piraeus Bank on this innovative financing, which is their first sustainability loan. Following the launch of our maritime thought leadership report The Sustainability Imperative and advising on the development of the Poseidon Principles, this instruction underscores WFW’s continued commitment to promote sustainable development in the shipping industry â.
Source: Watson Farley & Williams (âWFWâ)