Press Release
November 14, 2013

Holland & Knight Represents Eletson Holdings in $700 Million Joint Venture

New York - Holland & Knight represented Eletson Holdings, who with funds managed by Blackstone Tactical Opportunities, formed a new joint venture, Eletson Gas, a $700 million liquefied petroleum (LPG)/ liquefied ethylene (LEG) gas shipping company. Eletson Gas will have one of the world's newest and largest LPG/LEG fleets, majority-owned by Eletson and operated and managed by Eletson Holdings subsidiaries.  New York partner Jovi Tenev led the Holland & Knight team in the representation.

In addition to the joint venture negotiations with Blackstone, the transaction entailed refinancing vessels contributed to the JV by Eletson, adjusting Eletson's own debt structure, competition law review in the many countries where Eletson's vessels operate and some local law filings, negotiating newbuilding contracts, and obtaining committed financing for the newbuildings. Approximately four different sets of international lenders, three Asian shipyards, and the acquisition of a recently-built vessel under a charter were involved in this related aspect.

Other Holland & Knight lawyers on the team included Randy DelFranco, Rick Crowley, Lance Myers, Aaron Goldberg, Alex Marmar, Nicole Kipnis and Manos Chamilothoris, all of Holland & Knight's New York office; Jon Epstein and Don Zarin of the Washington, D.C., office; and John Dierking of the Orlando office.

Eletson, based in Greece, owns and operates one of the world's largest privately-owned medium and long range product tanker fleets, currently comprising 22 vessels, and one of the world's newest and largest LPG/LEG fleets, currently comprising six vessels, with eight newbuildings to be delivered by shipyards in China and Korea in 2015 and 2016.

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