The Maples Group has supported Kingston Airport Revenue Finance Limited, a Cayman Islands special purpose vehicle, on the highly publicised securitisation transaction led by the Government of Jamaica.
The transaction securitised the Jamaican government’s rights to its future receivables from concessions in the Norman Manley International Airport, to raise funds through the open-market issuance of rated and listed notes.
The proceeds from the fundraising exercise have been earmarked for the government’s fiscal management policy and other key infrastructure development within the country. This includes the $40 billion project to develop the country’s roads infrastructure under the SPARK programme.
The notes will be listed on the Luxembourg Stock Exchange (LSE), with the Maples Group acting as the listing agent.
The Maples Group’s Cayman Islands legal team was led by Partners, Wanda Ebanks and Matthew St-Amour, with assistance from Associates, Meg MacAuley and Sorcha O’Keefe. Commenting on the transaction in a press release, Wanda Ebanks said: “We are thrilled to have supported the Government of Jamaica on this significant and truly impacting securitisation. This transaction exemplifies an innovative, sovereign financing structure and showcases the Maples Group’s ability to provide seamless, multi-disciplinary advice across multiple jurisdictions.”
The issuer team was managed by the Group’s fiduciary team, including Wendy Ebanks, Mora Goddard and Brent Whittaker.
Wendy Ebanks said, “As the directors of the issuer, we benefitted from the invaluable legal advice and professional support provided by Wanda and Matthew. Their direct support to the directors in navigating the intricate and expansive legal, commercial and mechanical issues that presented under Jamaican law and Cayman Islands law was critical to our successful launch of the notes offering.”
