Appleby acted as lead counsel for OakNorth Bank Plc in a financing arrangement for LV Care Group.
LV Care Group used a bespoke debt finance package from OakNorth Bank to refinance three existing care homes in Jersey and to acquire two additional sites, one in Jersey and one in the Isle of Man.
The transaction included a facility for LV Care Group to redevelop one of their existing sites.
This was OakNorth Bank’s first Jersey law financing. Appleby Partner James Gaudin along with Associate Daniel Healy co-ordinated the Appleby team and led on the financing aspects, assisted by paralegal Angharad Prescott.
Partner Tim Hart and Counsel Jonathan Anderson advised on the real estate aspects of the transaction, whilst Partner Kyle Sutherland and Associate Melissa Wong provided Isle of Man advice.
Commenting on the deal James Gaudin said, “It’s been a privilege to work with OakNorth Bank on this significant financing arrangement and to advise them on their first Jersey based transaction. This is another great example of our cross-jurisdictional teams working together, to help provide the best possible outcome for our clients.”
Appleby’s highly experienced team has advised on some of the largest and most innovative real estate arrangements. Appleby’s clients include public and private companies, borrowers, lenders, lead managers and issuers on domestic and cross-border real estate financings, refinancing’s and restructurings, hotel owners and operators, retailers, developers and unit trusts.
Stuart Blair, Debt Finance Director at OakNorth Bank, said: “Nick and Chris have built an impressive business with a stellar reputation and we’re thrilled that our first deal with an operational business in Jersey is with them. We look forward to working with LV Care Group on future transactions, as we look to reinforce our own appetite to support the UK care sector throughout 2020.”
Fabien Bonavia, Senior Director, Legal and Transaction Management at OakNorth Bank, added: “This was a challenging and rewarding transaction for us, especially given that the assets were located in Jersey, which is a relatively new jurisdiction for OakNorth. James and his team provided us with timely advice on quite a complex deal and their local law knowledge really helped us get this deal over the line”.