Banking, finance and capital markets in Bermuda

Appleby

Under the leadership of Brad Adderley, the Appleby team, described as ‘extremely responsive and efficient’, serves major banks and financial institutions, addressing a broad spectrum of banking, asset, and project-related matters, both domestically and internationally. Clive Langley is a well-regarded corporate and international finance lawyer, while Tammy Richardson-Augustus complements the team’s expertise by specialising in cross-jurisdictional transactions within the energy and natural resources sector. Working alongside her is David Clark, who is dual-qualified in Bermuda and BVI and has extensive knowledge of project finance, capital markets and finance structures. Other notable experts include Jerome Wilson, a specialist in digital asset advisory and complex ship financing work, and counsel Andrew Kuzma, who provides assistance with capital markets, public offering, private placement, and corporate finance mandates.

Practice head(s):

Brad Adderley


Other key lawyers:

Clive Langley; Tammy Richardson-Augustus; David Clark; Jerome Wilson; Andrew Kuzma


Testimonials

‘Keen, responsive, know my business and structure well.’

‘Clive Langley – outstanding lawyer, have worked with him for years and his knowledge of our business and dedication are first class.’

‘The Appleby Bermuda banking and finance team are extremely responsive and efficient. We find the team focus on the commercially important aspects for us, without undue detail.’

‘We have found David Clark to be very responsive and approachable, with the ability to give immediate advice that is relevant to our organisation.’

‘The dedicated team delivers clear, concise, and practical advice, grounded in a pragmatic and common-sense approach.’

‘We primarily work with Jerome Wilson. Jerome is user friendly, and readily available to attend calls and address urgent issues.’

‘The team individuals are highly competent and responsive.’

Key clients

Brookfield


HSBC Securities (USA) Inc.


Cool Company Ltd.


Work highlights


  • Advised Brookfield in relation to the circa $8bn sale of Westinghouse Electric Company by Brookfield Business Partners.
  • Acted for HSBC Securities (USA) Inc. and Goldman Sachs & Co. LLC on the Government of Bermuda’s recent redemption of 2024 Notes.
  • Advised Cool Company Ltd. on the Bermuda law aspects related to the listing of its common shares on the New York Stock Exchange.

Conyers

Renowned as ‘industry leaders’, Conyers‘ expansive team provides invaluable assistance to major banks, insurers, and asset managers in corporate restructuring, IPOs and securitisation matters. Marcello Ausenda leads the corporate practice, specialising in securities and financing work with a particular emphasis on issues involving public companies. Jason Piney complements this with his extensive experience in various asset finance and corporate transactions, spanning both domestic and international landscapes. Victor Richards spearheads the firm’s shipping and aircraft group, offering expert guidance on high-value registrations, transactional matters, restructurings and IPOs. The team also benefits from the contributions of associate Alexis Haynes, who lends support across a wide spectrum of multi-jurisdictional matters, including corporate finance issues, relocations, and work within the fintech and regulatory spheres.

Practice head(s):

Marcello Ausenda


Other key lawyers:

Victor Richards; Jason Piney; Alexis Haynes


Testimonials

‘Conyers’ team works with the clients proactively. They are industry leaders, respective of diversity and inclusion in the market.’ 

Key clients

Carnival Corporation


Digicel Group


Seadrill Limited


Valaris Limited


Bacardi Limited


Aircastle Limited


Aecon Group Inc.


Liberty Global


Bunge Limited


Shelf Drilling (North Sea) Ltd.


Work highlights


  • Advised on the Bermuda law aspects of Valaris Limited’s private placement of $700m in aggregate principal amount of 8.375% Senior Secured Second Lien Notes due 2030 and a $375m senior secured revolving credit facility provided to Valaris Limited.
  • Advised Hafnia Limited on a completed private placement of new shares.
  • Provided Bermuda law advice and acted as listing sponsor to Aircastle Funding DAC, on the admission of its $976m unsecured A notes and $304m unsecured B notes to the Official List of the Bermuda Stock Exchange.

Walkers

Praised for being ‘highly responsive and professional,’ the team at Walkers is a significant player in the banking and finance market, handling high-profile matters, and is increasingly involved in blue-chip investment work and provides regulatory advice to global corporations. Leading the corporate and finance team, Jonathan Betts has over 25 years’ experience, advising large corporates, funds and insurers on governance and complex transactional issues, with a focus on M&A in the insurance space. Adam Bathgate leads the finance practice, specialising in transactions involving Bermuda companies and partnerships, including leveraged and acquisition financings, fund and asset issues, securitisation work and CLOs. Other key contacts at the firm include newly promoted partner Nathalie West, who has experience advising on a wide range of transactional matters and financings domestically and overseas, while senior associate Cathryn Minors assists with all aspects of corporate and commercial law; she joined the practice from an in-house role in 2022.

Practice head(s):

Jonathan Betts


Other key lawyers:

Adam Bathgate; Nathalie West; Cathryn Minors


Testimonials

‘Walkers is highly responsive and professional with a commercial sense of legal that translates well to helping us achieve our business goals in a timely manner.’

‘The entire team has been consistently a pleasure to work with and helped us to move our business forward.’

‘The entire team has been consistently terrific, and I couldn’t single out any points of weakness.’

‘Cathryn Minors: Availability to answer requests and clarify doubts. Accuracy in the answers.’

Key clients

Axalta Coating Systems Ltd.


Jefferies


Mizuho


MUFG Bank, Ltd.


National Westminster Bank plc


Norwegian Cruise Lines


Revlon, Inc.


The Bank of New York Mellon


Work highlights


  • Advised JPMorgan Chase Bank, the initial purchasers and administrative agent, in connection with Carnival Corporation’s private offering of $2.03bn aggregate principal amount of senior unsecured notes due 2028.
  • Advised Axalta Coating Systems on the $2bn refinancing of its existing credit agreement with a syndicate of lenders led by Barclays Bank Plc.
  • Acted as Bermuda counsel to long-standing client Norwegian Cruise Lines Holdings Ltd. on its latest issuance of $600m senior secured notes.

Carey Olsen Bermuda Limited

Praised for its ‘depth of knowledge,’ the multidisciplinary team at Carey Olsen Bermuda Limited advises on a wide range of high-profile matters encompassing leveraged financings, restructurings, asset issues and bilateral and syndicated lending mandates. Gavin Woods, who has extensive experience in insurance and investment fund matters, co-heads the practice alongside Steven Rees Davies, a renowned specialist in the fintech and digital asset sector, and Matthew Grigg, who advises on all forms of corporate and finance transactions. The firm’s roster of key contacts also includes counsel Charissa Ball, who has particular expertise in corporate reorganisations, redomiciling issues and debt and equity offerings; senior associate Michelle Falcucci, whose focus lies on insurance and investment fund law; and counsel Max Tetlow, who possesses experience in the (re)insurance investment fund, financial services and private equity sectors.

Practice head(s):

Gavin Woods; Steven Rees Davies; Matthew Grigg


Other key lawyers:

Charissa Ball; Michelle Falcucci; Max Tetlow


Testimonials

‘We use the Carey Olsen Bermuda team as they know their stuff and are very user-friendly.’

‘Depth of knowledge and responsiveness.’

‘CO Bermuda has unique knowledge of Digital Assets regulation and has proven to be a trusted partner for the purposes of our business. CO is clearly the firm to go to in Bermuda and the Caribbean for Digital Asset business and I can recommend them without hesitation.’ 

‘Specific knowledge of digital asset regulation and business models, challenges and opportunities for the jurisdiction and unique insight in how to present information to the regulator.’ 

‘Direct exposure to relevant but sometimes niche areas of law, e.g. Economic Substance legislation.’

Key clients

Renaissance Reinsurance


Hiscox


Waterloo Investment Holdings Limited


Work highlights


  • Advised RennaissanceRe Holdings Ltd. in connection with its underwritten public offering of $750m aggregate principal amount of 5.750% senior notes due 2023.
  • Advised Hiscox on its £250m investment grade bond issuance.
  • Advised Waterloo Investment Holdings Limited and Caribbean Investment Holdings Limited on Bermuda listing rules and relevant Bermuda Stock Exchange procedures related to an acquisition.

MJM Limited

MJM Limited’s corporate and finance team acts for numerous high-profile companies in matters involving complex international transactions, with clients spanning the shipping, tourism, aviation and infrastructure areas, to name a few. With ‘solid legal knowledge,’ Jeremy Leese heads up the corporate and finance team, handling multi-jurisdictional corporate finance deals. Counsel Brian Holdipp leverages 20 years of experience to provide support on securities issues, M&A and cross-border financings; while Mark Adams continues to support the practice’s corporate and banking group on structured, asset and project finance work following his recent promotion to counsel in May 2023.

Practice head(s):

Jeremy Leese


Other key lawyers:

Brian Holdipp; Mark Adams


Testimonials

‘The lawyers we deal with at MJM are very practical and commercial, but also technically highly proficient.’

‘Jeremy Leese – always quick to respond and unfussy; he knows the parties are keen to get the transaction done and, whilst careful, works towards that.’

‘Brian Holdipp is also always very practical and prompt with his advice and doesn’t waste time on overcomplicating matters, whilst protecting his clients’ position.’

Key clients

Avance Gas Holding Ltd.


Archer Limited


Borr Drilling Ltd.


Clarien Bank Limited


Flex LNG Ltd.


Frontline Plc


Golar LNG Limited


Golden Ocean Group Limited


Himalaya Shipping Ltd.


HSBC


Northern Drilling Ltd.


Northern Ocean Ltd.


SFL Corporation Ltd. (previously Ship Finance International Limited)


2020 Bulkers Ltd


Work highlights


  • Advised Archer Limited on the refinancing and recapitalisation of its $600m term loan.
  • Acted as local counsel to Frontline on its proposed (but subsequently aborted) $4.2bn merger with Euronav.
  • Advising Eurazeo S.E, the acquirer, on the legal and regulatory matters in a transaction with a total deal value in excess of £1bn.

ASW Law Limited

The corporate and finance practice at ASW Law Limited works with a variety of financial institutions, providing a wealth of expertise in financial transactions, particularly excelling in the insurance industry. Neil Horner, a specialist in general corporate, funds and finance law, leads the practice, boasting a notable track record in multi-billion-dollar corporate transactions, with a strong presence in significant Bermudan matters within the insurance sector. Kehinde George adds substantial support to the practice with experience in corporate restructurings and insolvencies, while Kim Willey and Hanno Tolhurst both focus on general corporate and commercial law, with a particular emphasis on the insurance sector.

Practice head(s):

Neil Horner


Other key lawyers:

Kehinde George; Kim Willey; Hanno Tolhurst; Nikhil Lawton-Misra; Sangheetaa Phary


Testimonials

‘Neil Horner and team provide excellent support on my finance transactions and work seamlessly across the time-zones. They are all very thorough, hard-working and responsive.’

‘Neil Horner and his team are constantly demonstrating a willingness to facilitate a seamless service across time-zones. This is hugely appreciated.’ 

Key clients

Markel Corporation & Markel CATCo subsidiaries


Macquarie Bank Limited


DIFL Secured Ad Hoc Group


Nordic Trustee AS


Clifford Capital Pte. Ltd.


Work highlights


  • Advised Markel Corporation and its Markel CATCo subsidiaries on the implementation of a creditor scheme of arrangement.
  • Advised Macquarie Bank Limited, acting as lender, on all Bermuda aspects of its credit facility with Pipeline Investments Limited (a Bermuda based borrower), guaranteed by Sociedad Portuaria Puerto Bahía S.A., Frontera Bahía Holding Ltd., and Frontera ODL Holding Corp.
  • Advising the DIFL Secured Ad Hoc Group, as secured creditors, in relation to the proposed financial restructuring of the existing indebtedness and other obligations and equity interests of Digicel Limited and its subsidiaries.

Wakefield Quin

The corporate department at Wakefield Quin has a wide range of international corporate and commercial law experience, advising on M&A, finance structurings, debt offerings, restructurings and private equity funds. Erik Gotfredsen, who has significant experience advising on joint ventures, partnerships, compliance issues and fund management matters, co-heads the practice with Ian Stone, whose experience span IPOs, public company issues, and capital market transactions, both onshore and offshore.

Practice head(s):

Erik Gotfredsen; Ian Stone


Key clients

Accenture Group


Altamont Capital Partners


ATN International, Inc.


Bermuda Broadcasting Company Limited


Crédit Agricole Corporate and Investment Bank


National General Insurance Group


Nordic Trustee ASA


Seacrest Group


The Carlyle Group Inc.


VEON Ltd.


Work highlights


  • Advised Fly Leasing Limited on its equity line of credit agreement with SASOF International Master Fund V LP. for up to $50m.
  • Advised VEON Ltd. in relation to its scheme of arrangement restating $529m 5.9500% Notes and $700m 7.2500% Notes.
  • Advised Seacrest on its IPO and listing of shares on the Oslo Børs market and connected secured debt financing.