Deals and Cases : Practice Area : Structured Finance and Securitisation

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Structured finance and securitisation deals of recent significance

  • Acted with Allen & Overy to advise Canada Pension Plan Investment Board on Jersey aspects of its £100 million investment in Hercules Unit Trust ("HUT"), a Jersey unit trust, through the subscription by a subsidiary for 10% subordinated convertible notes which are due in 2020 and are convertible into units of HUT.
  • Acted with Linklaters (advising lead manager and trustee) and Latham Watkins (advising guarantor) in relation to a US$1,250m convertible bond issue undertaken by Vedanta Resources Jersey Limited, a subsidiary of Vedanta Resources plc, and arranged by J.P. Morgan. Carey Olsen advised on the set up of the Jersey co.
  • Acted with Linklaters (advising J Sainsbury plc) and Allen & Overy (advising UBS Limited as placing agent) in relation to a share placing undertaken by J Sainsbury plc. Advised on the set up of a Jersey subsidiary of J Sainsbury plc in connection with the placing and on Jersey law aspects of the transaction.
  • Advised on the TUI Travel Plc €450m equity-linked bond. TUI AG, the world’s largest tourism and services group, successfully raised €450m by selling bonds exchangeable for part of its stake in TUI Travel Plc. Carey Olsen advised arrangers Deutsche Bank AG.
  • Acted with Clifford Chance in relation to a €700m convertible bond issue undertaken by International Power Finance (Jersey) III Limited, a subsidiary of International Power plc, and arranged by Deutsche Bank and Morgan Stanley. Carey Olsen advised on the set up of the Jersey listing vehicle.
  • Acted with Clifford Chance on the merger of Whistlejacket Capital and White Pine Corporation to create a new entity with close to US$18bn assets under management by Standard Chartered Bank. The transaction is understood to be the first merger of two SIVs in Jersey.
  • Acted with Clifford Chance as advisers to Alburn Real Estate Capital Limited, a Jersey SPV issuer, and NM Rothschild Limited and Merrill Lynch International as joint lead managers in relation to the £338m CMBS securitisation of the receivables of the Alburn Real Estate Capital Group's UK property portfolio.
  • Acted with Clifford Chance as advisers to CPUK Mortgage Finance Limited, a Jersey SPV issuer, in relation to a £750m securitisation arranged by Merrill Lynch International.
  • Acted for Investec in the issue and listing of preference shares on the CISX. The issue was fungible with an issue of shares listed on the Johannesburg Stock Exchange and was only marketed in the CI and Isle of Man. This public deal was the first time an offer was made solely within the CI.
  • Acted with Clifford Chance for NM Rothschild on the securitisation of the Insight Property Foundation assets in relation to the issue by REC of £266.5 million Class A Floating Rate Notes and £36 million Class B Floating Rate Notes.
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