European lenders DNB and ABN AMRO have provided new financing of $200m to smooth the path of Star Bulk Carriers’ $836m takeover of Eagle Bulk Shipping.

The US-listed bulker owners came together on 9 April in an all-stock deal, making Star Bulk the biggest dry cargo player in the world.

Star Bulk retains key executives and a board member as it closes book on Eagle takeover
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Global law firm Norton Rose Fulbright (NRF) said it advised Norway’s DNB and Dutch lender ABN AMRO on new loans that paid off earlier Eagle Bulk debt.

Both banks were already part of Eagle’s lending group.

NRF said the debt was secured on 25 vessels and related collateral.

The firm’s legal team was led by co-head of asset finance and head of Greece Yianni Cheilas and Athens partner Evi Platsidaki, with assistance from senior associates Marietta Gkatzi and Panagiotis Fokas, and associate Dimitra Petropoulou.

Cheilas said: “We were delighted to support our clients on this landmark transaction. This deal demonstrates the continued buoyancy of the shipping industry across all sectors in the first half of 2024, which we anticipate will continue into the second part of the year.”

Last year, NRF also represented DNB and related bank syndicates on a similar transaction, advising on two green financing and partially export credit agency-backed facilities totalling €1.075bn ($1.14bn) for BW Group-backed offshore wind vessel owner Cadeler.

Acquisition finance worth €550m was used to push through the merger with Scorpio Group’s Eneti, creating the biggest owner of wind turbine installation vessels.

Executives retained

Star Bulk has said it will retain two key executives and a board member from Eagle Bulk.

Long-time director Gary Weston has joined the Star Bulk board, while chief commercial officer Bo Westergaard will join the Athens-based company’s leadership team.

Although his position at Star Bulk was not announced, he is expected to lead its commercial team.

Costa Tsoutsoplides, Eagle Bulk’s chief financial officer, will stay on as an interim senior adviser to help integrate the two companies.

Eagle Bulk chief executive Gary Vogel is not making the move.