Ogier Cayman has acted in a major asset finance deal by advising HSBC Bank as administrative agent and collateral agent for the senior lenders in connection with the provision of an exit credit facility of over $300m to the CHC Group on following completion of the group’s financial restructuring and exit from Chapter 11 bankruptcy proceedings.
CHC Group provides international helicopter services offering offshore transportation to the oil-and-gas industry, flying search-and-rescue and emergency medical missions.
The Ogier team worked alongside lead counsel Norton Rose Fulbright, advising HSBC on all matters of Cayman Islands law and in particular, the comprehensive security package provided by the CHC Group in favour of HSBC. In addition, Ogier advised HSBC on the grant of international interests in respect of aircraft following the recent introduction of the Cape Town Convention into domestic Cayman Islands law.
Ogier partner James Heinicke said: “This was a significant and very complex asset finance transaction involving a number of obligors providing both first and second ranking security.
“As far as we are aware, it is the first time that the granting of first and second ranking security over aircraft has been considered in the Cayman Islands in the context of security registrations under the Cape Town Convention since the importation of the Convention into the jurisdiction.” James led the Ogier Cayman team which comprised managing associate and asset finance expert Mark Santangeli and associates Tommy Tuohy and Ridhiima Kapoor.
The post Ogier advises on major asset finance deal for international aircraft group appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.