WFW advises TORM on purchase of eight MR product tankers from TEAM Tankers
Watson Farley & Williams (“WFW”) has advised TORM on its agreement to purchase eight 2007-2012 MR product tankers with chemical trading capabilities from TEAM Tankers Deep Sea Ltd., for a total cash consideration of US$82.5m and the issuance of 5.97m TORM shares.
The vessels are scheduled to be delivered during the second and third quarter of 2021 and, in connection with each delivery, TORM will issue the shares to TEAM Tankers in tranches based on the individual vessel’s relative value. The agreed individual share issuances are subject to adjustments related to potential capital increases and shareholder distributions, as applicable. Based on broker valuations, the market value of the acquired vessels is assessed at US$148m. The vessels will be financed by increasing TORM’s existing syndicated loan facility with a new revolving facility and new term facility, subject to finalisation of the relevant