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Maples Group Assists on Record US$364 Million "Blue Bond" For Conservation

10 Nov 2021

The Maples Group is pleased to have assisted Platinum Securities Cayman SPC Limited, a Cayman Islands segregated portfolio company (the "Issuer"), in relation to its issuance of Secured Packaged Pass-Through Notes that form part of the largest ever executed Blue Bond for marine conservation. The deal closed on 4 November 2021.

The Group's law firm, Maples and Calder, acted as Cayman Islands counsel to the Issuer while the Group's fiduciary services team provided fiduciary and share trustee services to the Issuer.

Notably, the Blue Bond for Conservation provides Belize with private capital to refinance a portion of its public debt in return for accelerating its marine conservation commitments, including enhanced protections for its coastlines, reef and ocean territories. As part of the Blue Bond for Conservation, Belize commits to provide ongoing funding to an independent conservation fund over the next 20 years and to capitalise an endowment totaling approximately US$23.5 million on closing, which will provide funding after 2041 for marine and coastal conservation projects.

Finance Partner, Wanda Ebanks, commented "The Maples Group is pleased to have advised and assisted with the structuring of this innovative blue bond for conservation arrangement which will not only reduce Belize's public debt but also support critically important marine conservation and environmental initiatives for the country".

Cayman Islands-based Partners Wanda Ebanks and Robin Harding led the multi-disciplinary legal team with assistance from London-based Partner Jonathan Caulton and Associate Andrew Pollon-MacLeod, while Senior Vice President Peter Lundin led the Group's fiduciary services team.


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