SC Lowy leads largest-ever Italian shipping debt transaction
01 August Milan Italy – SC Lowy, an international banking and finance group specialised in fixed income, has led the largest Italian shipping debt transaction as it acquires the portfolio of bad loans from Banca Monte dei Paschi di Siena, a large Italian lender participated by the State.
SC Lowy’s Milan office led and negotiated the transaction involving several non performing shipping loans with a total gross book value of $160 million. The portfolio of defaulted shipping debt comprised dry bulk shipping, crude oil carriers and an offshore support vessel. This represents one of the largest Italian shipping transactions and it was fronted by Credito di Romagna (CdR) – acquired by SC Lowy earlier this year.
“This is a significant milestone deal for SC Lowy and underscores the value of our recent expansion in Italy,” said Michel Lowy, CEO of SC Lowy. “The combination of CdR’s extensive network and relationships in Italy, together with the wealth of shipping sector experience at SC Lowy Milan, enabled a highly complex transaction to be speedily executed, while also gaining the trust of multiple stakeholders.”
“We are really delighted to have negotiated such an important transaction only months after opening in Italy,” said Alessandro Esposito head of Investments at SC Lowy Milan. “This reflects both the strength of our local analyst team and its expertise in distressed Italian shipping, together with SC Lowy’s pedigree and globally recognized track record in this specialist area of finance.”
SC Lowy has led a number of groundbreaking debt transactions in the shipping sector in recent years including Korea Line Corporation (KLC) and Pan Ocean.
About SC Lowy
SC Lowy is an international banking and finance group specialised in fixed income. Private and employee controlled, the firm uses its balance sheet to facilitate primary issuance, secondary trading and investments focused on corporate bonds, loans, trade claims and special situations. Sector coverage includes energy, infrastructure, manufacturing, telecom & media, metals & mining, retail, financials, shipping and real estate for corporations based in Australia, Asia, Europe, the Middle East and the Americas. Headquartered in Hong Kong, the group was established in 2009 and currently has over 100 employees located across the world’s major financial centres. In addition to its traditional banking clients, SC Lowy has built a global institutional client network of over 1000 international and regional banks, asset managers, hedge funds, private equity and pension funds, family offices and corporations.