Banking and finance in Guernsey

Carey Olsen

Carey Olsen’s banking and finance expertise is strong in both lender and borrower-side mandates. Through the expertise of practice head Andrew BoyceBen Morgan, Annette Alexander, Tom Carey and David Crosland, the practice holds a dominant position in the investment funds arena, where it advises both Guernsey-domiciled funds and multinational financial lenders. The team has seen an increase in refinancings, NAV facilities and revolving credit agreements, capably advised on by key senior associates Vaishali Gupta, Imogen Payne and Alexandria du Jardin. It also maintains an arsenal of knowledge and experience applicable to real estate finance instructions.

Practice head(s):

Andrew Boyce

Other key lawyers:

Ben Morgan; Annette Alexander; Tom Carey; David Crosland; Vaishali Gupta; Imogen Payne; Alexandria du Jardin

Testimonials

‘Excellent technical lawyers, responsive, commercial.’

‘I primarily work with Ben Morgan. He is very knowledgeable and also commercial.’

Key clients

States of Guernsey

CESL II (Levered ERISA) Sarl

CESL II (Levered) Sarl

CESL II (Unlevered GBP) Sarl

Stena International S.A.

Coller Investment Management Limited

Blue Diamond Limited

Essential HoldCo Guernsey Limited and EP MidCo Guernsey Limited

GLI Finance Limited

Work highlights

  • Provided the States of Guernsey with advice in respect of an unsecured £225m revolving credit facility (intended to address the impact of coronavirus in Guernsey) provided by Barclays Bank, Butterfield Bank (Guernsey) Limited, HSBC Bank, Lloyds Bank Corporate Markets and The Royal Bank of Scotland International.
  • Advised the CIP VIII fund partnerships in connection with the amendment and restatement of a capital call facility in order to facilitate the creation of a special purpose vehicle in the Cayman Islands to (1) issue rated notes to third parties and (2) become a limited partner in the main CIP VIII fund partnerships.
  • Advising Blue Diamond Limited on the amendment and restatement of its term and revolving facilities provided by The Royal Bank of Scotland International Limited in connection with a short-term increase of the revolving facilities and the rescheduling of repayments in respect of the term facilities to provide additional liquidity and financial support during the coronavirus pandemic.

Mourant

Mourant is retained by the lion’s share of multinational financial lenders, including household-name banks and alternative sponsors. Led by Helen Wyatt, it handles high-value mandates across the spectrum of banking and finance. John Rochester leads the aircraft financing offering, which has seen an increase in credit restructurings and facility renegotiations, while Wyatt and Frances Watson have facilitated a noticeable uptick in fund financing instructions from lenders and borrowers alike. John Lewis and senior associate Pui Yee Lai regularly handle corporate finance and asset finance transactions. Darren Bacon and counsel Alana Gillies are the key names for advice on infrastructure and real estate fund finance matters.

Practice head(s):

Helen Wyatt

Other key lawyers:

John Rochester; Frances Watson; John Lewis; Pui Yee Lai; Darren Bacon; Alana Gillies

Testimonials

‘Responsive and prepared to think laterally when solving problems.’

‘A high-calibre outfit who have a thorough and detailed understanding of all legal issues, and who take the time and the trouble to really understand the needs and specific requirements of their client so as to ensure that their advice is properly tailored and considered, rather than off-the-shelf advice which sits on the fence and doesn’t offer a view.’

‘John Rochester and his team are always very responsive and flexible in terms of timing requirements.’

‘Responsive and friendly team providing good support on banking matters.’

‘They were very dedicated and cared about our transaction.’

‘Responsive team, looks for solutions and advises on risks. Commercial view on client relationships and fees.’

‘Strong client service and in-depth knowledge of the law.’

Key clients

Allied Irish Banks

Al Rayan Bank

Alcentra

Ancala

Bank Julius Baer

Bank of America Merrill Lynch

Bank of Scotland

Barclays

BNP Paribas

Brockton Capital

Brookfield

British Arab Commercial Bank plc

CITI

Deutsche Bank

Deutsche Pfanddbriefbank

DRC UK Whole Loan Fund

EFG Private Bank

European Bank for Reconstruction and Development

FirstRand Bank Limited

Goldman Sachs

Greystar

HSBC Bank plc

ICICI

ICBC

Infrared

Investec Bank plc

SG Kleinwort Hambros

Lloyds Bank plc

Morgan Stanley

Nationwide Building Society

NatWest

Natixis

NewRiver Retail

Rabobank

Resource Capital Fund

Rothschild Bank International Limited

RBS

Work highlights

  • Advised from a Guernsey law and regulatory perspective on the successful raising of the fifth iCON Infrastructure fund, iCON Infrastructure Partners V LP.

Ogier

Ogier’s banking and finance outfit acts for major institutional bodies and financial lenders in the derivatives space, while also carving out a reputation for financial regulatory advice, including change of control and licensing issues. Fund finance is also a strong point, driven by the expertise of Christopher Jones, who generates mandates from international lenders and on-island borrowers. Fleshing out the partnership are Marcus Leese and Paul Chanter, who capably handle all forms of real estate finance and corporate finance, encompassing leveraged, high-yield, structured and facility restructuring deals. Managing associate Jane Hogan, who joined from Latham & Watkins LLP in 2020, strengthened the firm’s capabilities in acquisition finance transactions.

Practice head(s):

Christopher Jones; Paul Chanter

Other key lawyers:

Marcus Leese; Jane Hogan; Bryon Rees

Testimonials

‘They are engaging and are always on hand when needed. They adhere to timetables (even when tight) and always provide us with a good level of service.’

‘Bryon Rees stands out for being responsive, practical and calm.’

‘They are very responsive and reliable and very good value for money.’

‘Jane Hogan is efficient and practical.’

‘They are solution-driven, efficient and a pleasure to work with.’

‘Christopher Jones – great to work with on the loan side came up with some great solutions for an efficient price and turned around quickly.’

Appleby

Appleby’s banking and finance team has a core focus on fund financing, under the leadership of practice head Jeremy Berchem, who represents a roster of UK and international lenders and borrowers. Berchem recently acted for UK-based REITs on novel multibillion-pound green bond issuances. Other key individuals are Stuart Tyler, Chet Pohl and senior associate Nicole Sorbie, who advise clients on revolving credit facilities, credit reorganisations and acquisition finance transactions. Regulatory advice relating to subscription line finance is also a strong point, as is aviation finance.

Practice head(s):

Jeremy Berchem

Other key lawyers:

Stuart Tyler; Chet Pohl; Nicole Sorbie

Testimonials

‘Jeremy Bercham and Nicole Sorbie are approachable and easy to work with.’

‘Appleby stand out for their market knowledge, technical excellence and consistent delivery.’

‘The team are extremely capable, organised and calm under pressure. They are able to provide succinct and informed guidance through the most complex documentation and take full ownership of the process.’

‘Appleby runs an effective, partner-led team, with a strong bench of associates, Their offering is technically strong, but with a pragmatic commercial slant to their advice, which is exactly what you want from offshore counsel. They are responsive and easy to deal with.’

‘Nicole Sorbie is a strong pair of hand who can be relied on to deliver to timescales.’

‘Jeremy Berchem has a wealth of experience and knowledge in the sector; he is well known to clients and counterparties alike and is very good to work with.’

‘Both Nicole Sorbie and Jeremy Berchem are responsive, organised and are happy to take the time to explain matters in clear understandable language.’

Key clients

Bank Julius Baer

Bank of America Merrill Lynch

Deutsche Bank

Goldacre Ventures Limited

HSBC Group

Investec Group

Lineage Logistics Holdings LLC

Lloyds Banking Group

LondonMetric Property Plc

PraxisIFM Group

Silicon Valley Bank

Société Générale

The Royal Bank of Scotland Group

Wells Fargo

Work highlights

  • Instructed in each of Guernsey, Jersey and the Isle of Man to advise five banks (HSBC, Barclays, Lloyds, Santander and RBS) on the implementation of a guarantee scheme to be introduced by the governments of each jurisdiction to support lending during the initial stages of the COVID 19 pandemic.
  • Acting for Silicon Valley Bank in connection with funds finance transactions, including 10 transactions during 2020 with a combined deal value in excess of £550m.
  • Engaged by Tritax Big Box REIT (Tritax) to advise on the offshore elements of the £1.5bn  first sterling green bond issuance by a UK REIT.

Bedell Cristin

In the real estate finance space, Bedell Cristin’s team is equally strong in borrower and lender mandates; recent highlights included practice head Kate Ovenden advising institutional lenders on term loan facilities in the student accommodation space. Dylan Latimer is another key individual in the group, as is managing associate Sukhvinder Chana, who is largely based in London, and capably handles fund financing and M&A financing work; he is also spearheading the development of the India desk, thus drawing in notable investors from that jurisdiction.

Practice head(s):

Kate Ovenden

Other key lawyers:

Dylan Latimer; Sukhvinder Chana

Testimonials

‘I value the relationship I have with the firm, which has been established over many years. I find them sensible, available, responsive and good value.’

‘We work a lot with Sukhvinder Chana, who is highly regarded – a rising star.’

‘Commercial, sensible and responsive – I always have the utmost confidence in their advice.’

‘The team at Bedell Cristin are knowledgeable and efficient.’

Key clients

The Royal Bank of Scotland International Limited

Royal Bank of Scotland plc

NatWest

Barclays Bank plc

Antares Capital LP

Aviva

Santander

Work highlights

  • Provided banking advice in Guernsey and Jersey to The Royal Bank of Scotland International Limited in connection with a facility made available to Retail Park Holdings Limited for the construction of Guernsey’s first Premier Inn hotel, together with an office building, restaurant and multi-storey car park.
  • Provided banking and property advice in Guernsey and Jersey to The Royal Bank of Scotland International Limited in connection with the financing of the acquisition by Channel Islands Property Fund Limited of grade-A commercial premises known as Valley House, to be let to Oak Group.
  • Providing banking and security to Antares for the financing of the acquisition of Integra UK Bidco Limited and OT Topco Limited.

Collas Crill

Real estate finance is a primary field of focus for Collas Crill’s banking and finance team, within which co-head Wayne Atkinson handles traditional and shari’ah-compliant lending mandates for global banks. A key trend for the practice has been its ability to secure new panel appointments from Middle East-based lenders. Co-head Paul Wilkes and the ‘responsive, personable and very high-qualitySimon Heggs (who recently made partner) lead on fund and leveraged finance instructions; although they predominantly act for lenders, work from domestic and multijurisdictional borrowers is another driver of activity.

Practice head(s):

Wayne Atkinson; Paul Wilkes

Other key lawyers:

Simon Heggs; Ben Le Page

Testimonials

‘Personable and helpful – knowledgeable in their field.’

‘Collas Crill have very much become a trusted adviser to us. Key to us is them taking the time to understand our business and support advising on a case-by-case basis. They’re very transparent with fees and particularly keen to ensure proposals work for the business.’

‘The firm provided a high-quality professional service which included timely feedback, clear concise responses and legal counsel. Extremely proactive and commercial law firm who are top of their game for offshore legal advice.’

‘I will always seek out Simon Heggs for Guernsey expertise. Simon is both very personable and a very high-quality lawyer, who can always be relied upon to be responsive, pragmatic and commercial.’

‘Ben Le Page has been fundamental in organising and delivering on legal matters. His knowledge and proactive approach has meant that all matters are handled within the expected timeframe and within the scope of anticipated costs. Ben is a pleasure to work with and maintains a strong client relationship with us.’

‘The thing that Collas Crill do very well is that their associates are really connected and coverage is excellent if the primary deal associate is away, unavailable etc. – particular credit here to Ben Le Page. Their responsiveness is also excellent.’

Key clients

RBSI

Investec

Lloyds

Bank Julius Baer

Arbuthnot Latham

ABC International Bank

Abu Dhabi Islamic Bank

Ahli United Bank (UK) PLC

ABC International Bank

Bank of East Asia

Bank of London & The Middle East

Blue Islands

QIB Plc

Oak North Bank

Gatehouse Bank plc

Santander

Royal Bank of Canada

Rothschild

Al Rayan Bank

Silicon Valley Bank

Barclays

ADIB

Northern Trust

Fairtree

Work highlights

  • Acting for Silicon Valley Bank on a €25m subscription line facility to Ashgrove Speciality Lending Fund 1 LP, a Guernsey fund.
  • Advising Bank of London & Middle East on an £18m master Murabaha agreement (shari’ah law-compliant facility agreement) in Guernsey, Jersey and BVI in respect of the acquisition of a statement residential block in London.
  • Advising Canbury Holdings Plc on a group restructure and £66m refinance of an existing facility with the Industrial and Commercial Bank of China (ICBC) in respect of the acquisition and development of student accommodation.

WALKERS

In a shake-up to WALKERS’ banking and finance leadership structure, newly-promoted partners Kim Paiva and Zoë Hallam now co-head the practice with Sam Shires, who recently stepped down from the partnership but retains a role as an of counsel. The practice fields expertise in fund finance, asset finance (including real estate, aviation and shipping) and M&A finance. It acts for a mix of international lenders and borrowers, including premier banks and alternative sponsors. Hallam and Kate Storey recently acted on complex NAV facility arrangements for funds domiciled across four global offshore jurisdictions. In addition, there has also been a significant increase in work from leading UK financial institutions. Senior counsel Alex Wickens recently joined from Collas Crill.

Practice head(s):

Kim Paiva; Zoë Hallam; Sam Shires

Other key lawyers:

Kate Storey; Alex Wickens

Testimonials

‘Kim Paiva is particularly commercial, responsive and a pleasure to work with.’

‘Kim Paiva is my go-to lawyer in Guernsey for aviation finance or lease-related matters.

‘The team is multi-disciplined, highly professional and offers good pragmatic advice within a transparent fee structure. They provide a single point of contact, drawing in and coordinating other team members across jurisdictions as and when necessary. This is really important when as a client you are also trying to deal with competing distractions or simply implementing the advice and reacting to document reviews etc.’

‘Zoe Hallam acted as our lead in a recent TISE debt listing and related activities. She was very easy to deal with and clear in her advice and was very responsive to our questions.’

‘Alex Wickens is our go-to person for Guernsey matters. He takes a commercial approach to transactions and offers proactive solutions to complex issues as they arise.’

Key clients

Barclays Bank plc

Goldman Sachs International

Royal Bank of Scotland International

Raiffeisen Bank International AG

OakNorth Bank plc

Investec Bank

Barings Real Estate Advisers Europe LLP

PSG Fund Management (C.I.) Limited

Apex Group Ltd.

Bank of Communications Financial Leasing Co.

Nordic Aviation Capital

Work highlights

  • Acted as Guernsey counsel to Barclays in relation to a $350m NAV facility to seven funds domiciled in Guernsey.
  • Acted as Guernsey deal counsel to PK AirFinance and EMP Aviation Ireland in relation to the registration and security on the Guernsey charges register.
  • Provided Guernsey law advice and assistance on the £75m development and construction refinancing of the Napier Gateway site at Luton Airport.