19 May 2020

Carey Olsen and Slaughter and May advise the States of Jersey on financing its response to COVID-19

Carey Olsen and Slaughter and May have advised the States of Jersey on its debut unsecured £500 million Revolving Credit Facility (RCF). The RCF will provide financial backing for various schemes initiated to support islanders and the Jersey economy through the COVID-19 pandemic.

The new RCF, provided by Barclays, Butterfield, HSBC, Lloyds and RBS International on a two-year term with two one-year extension options, will help fund the States of Jersey's response to COVID-19 including its payroll co-funding scheme and other measures to support local businesses and islanders.

The States of Jersey appointed Carey Olsen and Slaughter and May to advise on the RCF. Drawing on its advisers' specific expertise and market insight, and with the benefit of prompt engagement by the lenders, the States of Jersey was able to arrange the financing in a cost-effective and efficient manner.

The Carey Olsen team comprised partners Alex Ohlsson, Simon Marks and Kate Andrews, with assistance from senior associate Rebecca McQuillan.

Kate said: "Carey Olsen was delighted to help the States with this important project."

The Slaughter and May team comprised Edward Fife, Matt Hollinshead and Christian Elliott. The banks received legal advice from Clifford Chance and Ogier.

Deputy Susie Pinel, the Minister for Treasury and Resources at the States of Jersey, added: "I would like to thank all the external advisers and legal counsel who have worked at a tremendous pace to get the RCF completed in such a short space of time. This facility ensures that I have all the financial resources I need to help steer the Island through this difficult period of economic uncertainty."

I would like to thank all the external advisers and legal counsel who have worked at a tremendous pace to get the RCF completed in such a short space of time. This facility ensures that I have all the financial resources I need to help steer the Island through this difficult period of economic uncertainty.