An Italian shipowner with big-name backers has begun a reorganisation with a new tanker loan.
Finav Group, owned by Finav Holding, has clinched new funding of $6.1m from Italian lender BPER Banca to part-finance an unnamed Italian-flag MR tanker.
UK-headquartered law firm Watson Farley & Williams (WFW) advised BPER Banca on the deal.
"This is the first time Finav Group have refinanced a vessel and represents a fundamental first step in the reorganisation and optimisation of their group financial structure," WFW said.
Finav is supported by Italian owner Premuda, which is in turn backed by US private equity giant Kohlberg Kravis Roberts (KKR).
Finav Holding's managing director is Premuda chief financial officer Enrico Barbieri.
The WFW Italy maritime team that acted for BPER Banca was led by partner Furio Samela, aided by senior associate Antonella Barbarito and associate Sergio Napolitano.
The lawyers worked closely throughout the transaction with Barbieri.
BPER Banca is the former Banca Popolare dell'Emilia Romagna.
Quartet of ships up for sale
The lender is a commercial and co-operative bank and the parent of BPER Group, one of Italy’s leading lending groups, with a primary focus on small and medium sized enterprises with a strong international client base.
In August, four MR tankers managed by Premuda but owned by Finav were put up for sale.
They were the 50,900-dwt sisterships PS Houston, PS London and PS Milano (all built 2008), as well as the somewhat younger 50,200-dwt Grazia (built 2010).
They used to belong to Italian peers PB Tankers and Motia Compagnia di Navigazione.
Following debt restructuring in 2019, however, they passed under the ownership of Finav, a private equity fund established by Davy Global Fund Management and Pillarstone Italy, a Milan-based turnaround specialist backed by KKR.
No change of ownership of the tankers has subsequently been reported in shipping databases.
