Maples supports first US CLO employing a Cayman LLC

The Maples Group supported the issuer and co-issuer on the Cayman Islands and Delaware, legal, listing and fiduciary aspects of its middle market collateralised loan obligation (CLO). The deal, which priced on 13 Aug. at US$501 million, was arranged by Natixis and represented the first US CLO transaction using a Cayman Islands LLC as its issuer, Maples said in a press release.

The Maples Group’s law firm, Maples and Calder, led by finance partner James Reeve and associate Jonathan Brown, acted as Cayman Islands legal adviser to the issuer and also advised the issuer and the co-issuer in respect of their listing of the debt securities on the Cayman Islands Stock Exchange. Fiduciary services to both the issuer in the Cayman Islands and the co-issuer in Delaware were also provided by the Maples Group’s fiduciary team, led by Nicolas Rogivue in the Cayman Islands and Jeffery Everhart in Delaware.

Mark Matthews, global head of finance at the Maples Group’s law firm, said, “We are very pleased to have been able to assist our long-standing client Bain Capital in closing this novel transaction, which exemplifies the Maples Group’s comprehensive CLO offering, where we have the ability, through our international business offering, to provide innovative global legal, listing and fiduciary services for all aspects of a CLO manager’s business.”

In January 2019, Maples and Calder and MaplesFS consolidated their offerings under a single brand, now called the Maples Group.