Local firms advise on government's £500m borrowing

Wednesday 17 June 2020

Local legal firms Carey Olsen and Ogier played a part in setting up a £500m loan to the government to help Jersey's economy recover from the impact of covid-19.

The Revolving Credit Facility was provided by HSBC, Barclays, Butterfield, Lloyds and RBS International on a two-year term with two one-year extension options.

It aims to provide the financial backing needed to fund the government's response to the pandemic, including its payroll co-funding scheme and other measures to support local businesses and islanders.

Alongside UK firm Slaughter and May, Carey Olsen acted for the government.

The Carey Olsen team comprised partners Alex Ohlsson, Simon Marks and Kate Andrews, with assistance from senior associate Rebecca McQuillan.

Pictured: Carey Olsen Partner Kate Andrews.

Ms Andrews said the firm, which also advised on a £225m Revolving Credit Facility for the States of Guernsey, was "delighted" to help with the project.

Ogier's Banking and Finance team and onshore Counsel Clifford Chance have advised HSBC as the lead agent for the syndicate of banks.

Partner Simon Felton (pictured), supported by Associate Nic Le Breuilly, led the Ogier team.

Mr Felton said: "These are extraordinary times and we feel privileged to have had a role to play in this important project securing this facility and, together with the other advisors, assisted in the island's response to this unprecedented situation."

Pictured: Ogier Partner Simon Felton.

Deputy Susie Pinel, the Minister for Treasury and Resources at the States of Jersey, commented: "I would like to thank all the external advisers and legal counsel who have worked at a tremendous pace to get the RCF completed in such a short space of time.

"This facility ensures that I have all the financial resources I need to help steer the island through this difficult period of economic uncertainty."