04 June 2020

Carey Olsen advises States of Guernsey on COVID-19 financing response

Lawyers from Carey Olsen's corporate team in Guernsey have advised the States of Guernsey on its debut unsecured £225 million Revolving Credit Facility (RCF).

The primary purpose of the RCF is to finance initiatives intended to address the impact of the coronavirus (COVID-19) pandemic and to support islanders and the Guernsey economy. It is available on a two-year term with two one-year extension options and is being provided by Barclays Bank PLC; Butterfield Bank (Guernsey) Limited; HSBC Bank Plc, Guernsey Branch;  Lloyds Bank Corporate Markets plc, Guernsey Branch; and The Royal Bank of Scotland International Limited.

The Carey Olsen team advising the States of Guernsey was led by partner Andrew Boyce, assisted by senior associates Andrew Lister and Alexandria du Jardin. Onshore legal counsel was provided by Slaughter and May.

Andrew said: "We are delighted to have to supported the States of Guernsey in achieving its objective of securing a new bank facility to support islanders and the local economy in response to the COVID-19 pandemic. Having recently advised the States of Guernsey on its business disruption loan guarantee scheme, we are proud to continue supporting Guernsey in respect of its financing requirements."

Deputy Lyndon Trott, Vice-President of the Policy & Resources Committee who is leading on the States of Guernsey's financial support measures, said: "I'm very pleased that we've been able to secure this facility so quickly. My thanks go to Carey Olsen for the counsel they've provided, and of course to the five banks who are working with us to ensure that we have the liquidity we need to fund these essential measures which are supporting our community through this crisis. They've recognised the urgency and importance of what we're doing in the spirit of 'Guernsey Together'."

Carey Olsen's Jersey office also recently supported the States of Jersey on its own debut RCF.