Sample Transactions
Subordinated Debt Facility
Jurong Aromatics Corporation PTE, LTD
ICON, as Arranger; Standard Chartered Bank (SCB), as Mandated Lead Arranger; and BP International Limited (BP), as Risk Participant provided a $260 million subordinated debt facility to Jurong Aromatics Corporation. The subordinated debt facility is part of a $2.5 billion financing of the construction and operation of a condensate splitter and aromatics complex on Jurong Island, Singapore. ICON and its partners, SCB and BP, provided a creative and highly customized financing solution that allowed the successful closing of a landmark transaction in Asia that also included 11 international banks, two Korean export credit agencies and eight multinational equity sponsors.
Second Lien Secured Term Loan
NCSG
ICON partnered with an international top-tier bank agent to help complete a recapitalization of Northern Crane’s credit facilities. The recapitalization consisted of a $115 million revolving credit facility from the bank syndicate coupled with an additional $15 million from ICON in the form of a second lien term loan. The facilities are secured by a first and second lien, respectively, on all of the Company’s assets. ICON’s creative loan structure was a key component in NCSG’s new capital structure, which in total combined to provide a $150 million credit facility to support ongoing working capital and growth needs.
Senior Secured Term Loan
EMS
EMS was looking for a total recapitalization of its existing credit facilities. As part of ICON’s strategy to propose a comprehensive solution to EMS, ICON’s capital markets group introduced a top-tier international bank to provide a $25 million revolving credit facility secured by a first lien on the Company’s Accounts Receivable and Inventory. Additionally, ICON provided an $8 million senior term loan secured by all of the Company’s fixed assets, with reciprocating second lien positions. Each of the loan facilities had compelling characteristics for EMS while providing a single $33 million solution offering added elements that EMS was looking for.
Sale Leaseback
AET
Entering a sale-leaseback can do 3 things for a shipping company; a) monetize value in existing assets, b.) reduce debt, and c.) lower the average age of owned vessels in its fleet. The facility that ICON provided did all three. For $170,000,000, ICON purchased 2 Aframax tankers and 2 Very Large Crude Carriers from AET, while simultaneously leasing those vessels back to AET subject to long term charters for each vessel. As part of the purchase price, ICON secured a total of $150,000,000 in senior financing from an international shipping bank and a private equity firm.