April 12, 2016
Cadwalader represented ABN AMRO Capital USA LLC, as agent for a syndicate of first-lien bank lenders, in connection with the comprehensive balance sheet recapitalization of Eagle Bulk Shipping, Inc., a leading global owner of Supramax dry bulk vessels that range primarily in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including coal, grain, ore, petcoke, cement, steel and fertilizer, along worldwide shipping routes. The transaction provides Eagle Bulk with approximately $105 million in incremental liquidity, which includes a new second lien facility comprised of $60 million in new capital from existing shareholders, as well as new capital providers.
The Cadwalader Finance team was led by partner Jeffrey Nagle and included partner Christopher McDermott and associates Stephen Johnson, Daniel Patterson and Matthew Stempler. The Financial Restructuring team was led by partner Gregory Petrick and included associate Casey Servais. The team also included Tax associates Janicelynn Asamoto and Jason Schwartz and White Collar associate Keith Gerver.