Guernsey: Capital Markets Activity Kicks Off At Carey Group
Last Updated: 11 March 2014

The Initial Public Offering (IPO) season is in full flow with three new Channel Islands Securities Exchange Authority Limited (CISEA) listings announced this week alone by Carey Group's listings team.

NB Distressed Debt Investment Fund Limited, a Guernsey incorporated closed ended debt fund, has raised an additional £111m via the issue of a third class of shares. These shares were admitted to the Specialist Fund Market on 4 March 2014 with a primary listing on the CISEA. Carey Group worked with law firm Herbert Smith Freehills while Oriel Securities and Winterflood Investment Trusts acted as the joint financial advisers and brokers on the transaction.

On 5th March it was the turn of Resonance British Wind Energy Income Fund, a Guernsey incorporated closed ended investment fund, to list loan notes of its subsidiary company, Resonance Wind Finance Limited, worth £100 million on the CISEA. This fund invests in wind turbines in the UK. Lawrence Graham provided legal advice on this structure.

Then on 6th March world renowned private equity manager KKR completed the trio of new CISEA listings with Carey Group as listing sponsor as part of the IPO of its portfolio company, Pets at Home Group Plc. This time the float of the company is expected to take place on the main market of the London Stock Exchange on 13th March and the market capitalisation of the company is expected to be £1.3 billion. Carey Group has listed the loan notes of a group company, PAH UK MIDCO Limited on the CISEA working with City law firm Simpson Thacher & Bartlett.

Joe Truelove, Director of Carey Group said, "It has been a very busy week for our listings team with three very different companies including debt and renewable energy funds and a private equity portfolio company all utilising a CISEA listing somewhere in their structure. These three high profile deals follow hot on the heels of the listing on AIM of another Carey Group client, Summit Germany Limited, on 26th February."

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