Maples Group Supports Kingston Airport Revenue Finance Limited on US$480 Million Securitisation
The Maples Group is pleased to have supported Kingston Airport Revenue Finance Limited, a Cayman Islands special purpose vehicle (the “Issuer”), on the highly publicised securitisation transaction led by the Government of Jamaica (the “GOJ”).
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The transaction, dubbed “KingAir”, securitised the GOJ’s rights to its future receivables from concessions in the Norman Manley International Airport, to raise funds through the open-market issuance of rated and listed notes. The proceeds from the fundraising exercise have been earmarked for the GOJ’s fiscal management policy and other key infrastructure development within the country, including the GOJ’s $40 billion project to develop the country’s roads infrastructure under the SPARK programme.
The Notes will be listed on the Luxembourg Stock Exchange (LSE), with the Maples Group acting as the listing agent.
The Maples Group’s Cayman Islands legal team was led by Partners, Wanda Ebanks and Matthew St-Amour, with assistance from Associates, Meg MacAuley and Sorcha O’Keefe. The Issuer team was managed by the Group’s fiduciary team, including Wendy Ebanks, Mora Goddard and Brent Whittaker.
Commenting on the transaction, Wanda Ebanks said: “We are thrilled to have supported the Government of Jamaica on this significant and truly impacting securitisation. This transaction exemplifies an innovative, sovereign financing structure and showcases the Maples Group’s ability to provide seamless, multi-disciplinary advice across multiple jurisdictions.”
Matthew St-Amour added, “This transaction highlights the strength and expertise of our team in handling complex securitisations. We are delighted to have played a part in facilitating this important financing for the Government of Jamaica.”
Mora Goddard and Wendy Ebanks echoed similar sentiments.
Mora remarked, “This was a transaction like no other. The structure presented so many unusual and unexpected complexities.”
Wendy added, “As the directors of the Issuer, we benefitted from the invaluable legal advice and professional support provided by Wanda and Matthew. Their direct support to the Directors in navigating the intricate and expansive legal, commercial and mechanical issues that presented under Jamaican law and Cayman Islands law was critical to our successful launch of the notes offering.”