Ogier Cayman has advised HSBC Bank plc as administrative agent and collateral agent for senior lenders in the provision of an exit credit facility of more than US$300 million to the CHC Group.
The asset finance deal follows the 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 with 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 favor of HSBC.
In addition, Ogier advised HSBC on the grant of international interests in aircraft in light of the recent introduction of the Cape Town Convention into domestic Cayman Islands law.
Ogier partner James Heinicke said, “We were delighted to advise HSBC on this multi-jurisdictional financing of the CHC Group. 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,” he said.