Jersey: Hatstone Lawyers Advises In US $207,000,000 Securitisation
Last Updated: 5 December 2014

Hatstone Lawyers recently acted as Jersey legal counsel to General Funding Limited ("GFL") under its A-1/P-1 rated multi-currency French commercial paper programme.

GFL issues short-term debt instruments on the French domestic market known as billets de trésorerie on a revolving basis, the proceeds of which are used to fund the acquisition of receivables and other financial assets via a fonds commun de titrisation (the "FCT") which issues units subscribed for by GFL. Last month, GFL funded the acquisition of receivables for a total value of €173,000,000 originating from companies within the CMA-CGM group which is the third largest container shipping group worldwide and number one in France. A swap was entered into at the FCT level. Olswang LLP and Orrick, Herrington & Sutcliffe LLP acted as French legal counsel.

Howard O'Toole, who led the team at Hatstone Lawyers, said, "We were delighted to be able to assist with this refinancing which involved working under relatively tight deadlines". On a more general note, Howard added "We are definitely witnessing an increase in capital markets activity with 2015 being branded by some players as the year of take-off!"

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