Norton Rose Fulbright advises syndicate of 35 lenders on a US$1bn corporate multi-currency facility for Seaspan Corporation

Global law firm Norton Rose Fulbright advised Citigroup Global Markets Asia Limited as original mandated lead arranger and bookrunner and sole coordinator (Citi) and a syndicate of 35 lenders, on the amendment and restatement of Seaspan Corporation Pte. Ltd.'s (Seaspan) senior unsecured revolving credit facility, upsizing the facility from US$300,000,000 to US$1,000,000,000 via a non-capped greenshoe option.

The transaction involved the comprehensive restructuring of the facility from a single currency to a multi-currency facility (with both USD and USD/CNH tranches) and the onboarding of a significantly expanded lender syndicate through a bespoke accession deed mechanism.

Seaspan is the world's leading maritime asset-owner and operator focused on long-term, fixed-rate leases to the world's most prominent shipping lines. As of June 30, 2026, Seaspan's operating fleet consisted of 247 vessels, pro forma for undelivered newbuilds (including four Pure Car, Truck Carriers, five Very Large Ethane Carriers and four Open Hatch Gantry Crane vessels), with a total fleet capacity of approximately 2.5 million TEU on a fully delivered basis .

The Norton Rose Fulbright team advising Citi was led by partner Ben Rose and senior associate Sophie Polisena, and supported by associate Romie Yeo. The Singapore law aspects of the transaction were led by partner Sue Ann Gan, supported by associate Zara Ann Loh.

Ben Rose commented:

"We are delighted to have advised Citi and a large lender syndicate on this landmark facility for Seaspan. The upsizing from US$300 million to US$1 billion - together with the conversion to a multi-currency structure incorporating USD and USD/CNH tranches - reflects both the strength of Seaspan's credit story and the depth of lender appetite for well-structured corporate finance in the shipping sector. The result is a facility that gives Seaspan significant strategic flexibility as it continues to grow its fleet."