Deals and Client Wins Maples Group Supports First US CLO Employing a Cayman Islands LLC
09 Sep 2019
The Maples Group was pleased to support the Issuer and the Co-Issuer on the Cayman Islands and Delaware, legal, listing and fiduciary aspects of its middle market collaterised loan obligation ("CLO"). The deal, which priced on 13 August 2019 at $US 501 million, was arranged by Natixis and had a novel legal structure, as it was the first ever US CLO transaction to employ a Cayman Islands LLC as its issuer.
The Maples Group's law firm, Maples and Calder, led by Finance partner, James Reeve and associate, Jonathan Brown, acted as Cayman Islands legal adviser to the Issuer and also advised the Issuer and the Co-Issuer in respect of their listing of the debt securities on the Cayman Islands Stock Exchange. Fiduciary services to both the Issuer in the Cayman Islands and the Co-Issuer in Delaware were also provided by the Maples Group's fiduciary team, led by Nicolas Rogivue in the Cayman Islands and Jeffery Everhart in Delaware.
The Issuer and the Portfolio Manager were advised by Dechert in the US. Natixis was advised by Allen & Overy and the Collateral Trustee, Loan Agent and Collateral Administrator were advised by Seward & Kissel.
Mark Matthews, Global Head of Finance at the Maples Group's law firm, commented: "We are very pleased to have been able to assist our longstanding client Bain Capital in closing this novel transaction, which exemplifies the Maples Group's comprehensive CLO offering, where we have the ability, through our international business offering, to provide innovative global legal, listing and fiduciary services for all aspects of a CLO manager's business."
In January 2019, Maples and Calder and MaplesFS consolidated their offerings under a single brand, now called the Maples Group, bringing together their internationally recognised services to address demand from clients for a complete and seamless service unique to the industry. The synergies between the law firm's global finance practice leveraged by the funds and fiduciary business lines ensures that the Maples Group are one of the few international organisations that can seamlessly service clients across multiple major global financial markets with a robust 'one-stop shop' for complex finance transactions.
The $US 501 million deal was hugely novel as it was the first ever US CLO transaction to employ a Cayman Islands LLC as its issuer.Read more
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