Baker McKenzie legal advisor to PCP in financing of Incat-built high-speed catamaran

In September 2021, P Capital Partners AB through its fund PCP IV (PCP") provided a term-loan to the owner of an Incat-built high-speed catamaran, Incat hull 093, known as Volcán de Taidía. The proceeds from the PCP loan were used to enable the owner to complete the acquisition of the vessel from the shipyard and to repay construction financing from Export Finance Australia used by the shipyard during the build. The vessel is leased on a long-term contract to Naviera Armas and will operate between Las Palmas de Gran Canaria and Santa Cruz de Tenerife.

The 111 metre vessel has a capacity for 1,200 passengers and a maximum deadweight of approximately 1,000 tones. The vehicle deck allows for 595 truck lane meters plus 219 cars, or in car-only mode it can accommodate 401 cars.

Baker McKenzie acted as legal advisor to PCP with a team consisting of Mats Rooth, Georg Jonsson, Ronja Benediktsson. Other legal advisers involved were HT Legal (England), Gannado (Malta), Watson Farley & Williams (Spain) and Arthur Cox (Ireland).