Kramer Levin advised General Maritime Corp. in a series of transformative transactions in 2015 creating Gener8 Maritime Inc., a world-class provider of international seaborne oil transportation services with a fleet of 45 wholly owned vessels on a fully delivered basis.
First, we advised General Maritime in a stock-for-stock merger with Navig8 Crude Tankers Inc., combining the General Maritime fleet of 32 vessels — including seven very large crude carrier (VLCC) newbuilding vessels — with the 14 VLCC newbuilding vessels owned by Navig8 to create a combined Gener8 Maritime fleet with a value at closing on a fully delivered basis in excess of $3 billion. Next, we advised the combined company in its $236 million initial public offering and listing on the New York Stock Exchange. We also represented Gener8 Maritime in the largest-ever series of tanker financings. This $1.9 billion series included a $581 million term loan credit facility, which refinanced existing indebtedness; a $963.7 million term loan credit facility to finance 15 VLCC newbuilding vessels being built by Korean shipyards; modifications to a $138 million term loan credit facility; and a $259.6 million multiple-draw term loan credit facility to finance four VLCC newbuilding vessels being built by Chinese shipyards. Two of these credit facilities are partially credit-enhanced by Korean and Chinese export-import banks and sovereign insurers.