The Maples Group has supported an increasing number of Jersey collateralised loan obligations (CLOs) transactions featuring a continuation* of a Cayman Islands warehouse entity into Jersey.
A team of CLO lawyers and fiduciary professionals based in the Group’s Cayman Islands, Jersey and Delaware offices are currently providing Cayman Islands and Jersey legal counsel in addition to Cayman Islands, Jersey and Delaware corporate services to support the successful migrations of these CLO transactions.
Jersey has been widely accepted as the leading alternative jurisdiction solution for US CLO issuers looking to market deals to investors in the EU, and continues to attract interest from arrangers and managers of structured finance products with over 50 CLO transactions on track to either incorporate in, or to migrate to, Jersey in Q1 2022.
Global Head of Finance at Maples Group, Scott Macdonald (pictured) commented: “We are delighted to have assisted on the successful completion of these transactions including the first CLO featuring a Jersey continuation.
“The market has responded positively to the use of Jersey as an alternative jurisdiction for CLO transactions and we expect the closing of these notable transactions will inspire further confidence in the future use of Jersey by CLO and other structured product market participants. Importantly, the Jersey Regulator and Jersey Companies Registry continue to provide efficient and reliable services which also supports the smooth closing of these transactions.”
* A continuation involves the legal migration of an overseas company or body corporate to another jurisdiction and is also known as a (re)domestication of the corporate seat of a company.