Banking, finance and capital markets in Bermuda
Appleby regularly advises ship and aircraft owners, lessors and lessees, and joint venture and project developers on all matters related to banking, international real estate and asset finance. The team's expertise encompasses syndicated loan facilities, reviewing facility and security documentation, regulatory advice, and acting on the financing of power projects, telecoms ventures, and oil and gas projects globally. The group also assists with a range of emerging technologies including blockchain, virtual currencies, financial technologies, and digital technology and e-commerce products. In a recent highlight, the team advised China Aircraft Leasing Group Holdings on the local law aspects of China Aircraft Global's $790m senior secured commercial aircraft portfolio financing. The names to note are Bermuda managing partner Tim Faries, Tammy Richardson-Augustus, Clive Langley, Jerome Wilson , Gary Harris and counsel Tiffany Boys. David Clark recently moved to Bermuda from the firm's BVI office; he is an expert in banking, project finance, capital markets, structured finance and restructuring matters.
Other key lawyers:
‘Effective and very competent team.‘
‘Tammy Richardson is very competent and a pleasure to work with.‘
‘The banking and finance team at Appleby are quick to grasp the bigger picture, to understand what the key commercial issues are and are both available and efficient in giving their advice.‘
‘Jerome Wilson and Tiffany Boys take the time necessary to understand the transaction and then give tailored advice. On a recent transaction we worked together on they worked relentlessly to meet the tight deadline and overcome various other pressures.‘
China Aircraft Leasing Group Holdings
- Advised Artex SAC on several catastrophe bond transactions.
Conyers Dill & Pearman is highly rated for its expertise in IPOs, M&A, insurance, securitisation, shipping and aircraft financing, and corporate restructuring; the practice has also recently been active in the offshore energy and shipping sectors in Norway, Asia, and North America. Sophia Greaves led advice to Textainer Group Holdings, a global lessor of intermodal containers, on an amendment by its wholly-owned subsidiary to its existing revolving credit facility; and Neil Henderson, together with the Cayman office, acted for Start and Start Holding as issuers on an asset-backed securitisation that comprised three tranches of notes, which were secured against a portfolio of 24 in-production aircraft. Graham Collis leads the Bermuda corporate department and has a particular focus on insurance, securities and financing issues, and David Cooke has notable expertise in securities work, asset financing and M&A. Other highly regarded directors include Marcello Ausenda, Jason Piney and Guy Cooper, along with Victor Richards, Chiara Nannini and Niel Jones. Counsel Angela Atherden and associate Edward Rance are also experienced advisers.
Other key lawyers:
Liberty Latin America
- Provided Bermuda legal advice to Tsakos Energy Navigation on its public offering of up to $135m of preferred shares.
- Advised Castlelake on the Bermuda law aspects of its fifth structured ABS financing.
Carey Olsen launched its Bermuda office in late 2017, with the banking and finance department established in 2018 when practice head Mary Ward joined from Conyers Dill & Pearman and Gavin Woods was recruited from Appleby. Ward is experienced in securities law and equity and debt financings for insurers and insurance groups (including private placements, listed debt offerings and IPOs), while Woods is recognised for high-profile insurance-linked securities work, investment fund issues and catastrophe bond structures. Adam Bathgate, who relocated to Bermuda from the firm's Cayman Islands office, is the key counsel to note.
Cox Hallett Wilkinson Limited's 'responsive and commercial practice' has notable expertise in property financings, infrastructure projects, asset finance work and transactions in the insurance sector. The group's client base spans a range of industry sectors and includes captive insurance, natural resources, aviation, shipping, investment fund, retail and telecoms companies. Managing director Ernest Morrison is experienced in banking, finance and capital markets work including regulatory issues, private and public offerings, and asset finance issues. Janice Gutteridge and Kathleen Moniz are noteworthy senior associates; Moniz recently joining from Conyers Dill & Pearman.
‘They are responsive and commercial, and understand what is required and deliver‘.
Symetra Life Insurance Company
- Advised Caroline Bay on the refinancing of existing loan facilities for a large hotel and residential development project.
- Acted as Bermuda counsel to an issuer and guarantor on an offering of senior unsecured bonds.
- Advised China Merchants Financial Leasing on the lease financing arrangements for three jackup drilling rigs.
MJM Limited fields experts in asset and ship finance, with a particular focus on the Norwegian shipping and offshore drilling sector, and also regularly handles international equity offerings and listings. Other areas of strength span international banking and finance mandates, real estate finance work including hotel, club and resort matters, and corporate borrowing transactions. Former director Peter Martin recently stepped down from a management role and is now counsel, with newly promoted director Jeremy Leese now leading the corporate and finance department. Senior associate Brian Holdipp is also singled out.
Ship Finance International
Golden Ocean Group
Nordic American Tankers
Hermitage Offshore Services
- Advised Nordic American Tankers on the Bermuda aspects of a refinancing.
- Advised a bank acting as agent on the debt financing of a vessel acquisition.
Wakefield Quin is singled out for its banking and structured finance expertise, and also handles public and private offerings of debt and equity securities. Erik Gotfredsen is recommended for finance and capital market transactions including offerings, banking and financial services matters, structured deals, project finance work, and secured lending issues; and Ian Stone's experience includes project finance mandates, IPOs, and public company and capital markets transactions. Managing partner Nicholas Hoskins also contributes to the group.
AmTrust Insurance Group
Bermuda Broadcasting Company
Dragon Oil Group
H&K AAG Holdings
National General Insurance Group
- Advised Sonnedix Power Holdings on the refinancing of a debt facility.
Walkers has strong relationships with financial institutions in Asia, London and the US, and provides asset finance, banking, capital markets, fund finance and regulatory advice to a range of clients. Jonathan Betts is head of the corporate and finance practice in Bermuda and Natalie Neto is highly rated for debt and equity capital markets transactions, banking and finance work, and complex restructuring projects involving Bermuda companies, LLCs and partnerships. Recent growth includes the recruitment of Sarah Demerling from Estera, and the addition of senior counsel Paul Nystrom, whose practice includes debt and equity offerings, structured finance and secured lending work, from Conyers Dill & Pearman. Ariane West departed to an in-house role at Nephila Climate.
Norwegian Cruise Lines
Standard Chartered Bank
Apollo Global Management
- Advised DB Trustees (Hong Kong) on the Bermuda aspects of Noble Group’s $3.5bn debt restructuring.
- Acted for multiple banks as arrangers on the financing of Francisco Partners’ take-private acquisition of VeriFone Systems.
- Advised several banks on the establishment of a $200m revolving credit facility, made available to Triple Flag Mining Finance Bermuda.