Lovells acts on Isle of Man Steam Packet deal

Lovells advised NM Rothschild & Sons and ABN Amro on the whole business securitisation of the Isle of Man Steam Packet. The deal raised £65m of secured finance for the ferry operator.
Head of capital markets David Hudd and senior capital markets lawyer Brian Carne led the deal. “The company's ferries are the main link between the mainland and the island, so the deal was very important for the Isle of Man,” said Carne. Hudd added that the deal was unusual, as it is one of the first whole securitisations to be completed.
The assets are based in the Isle of Man, so the securitisation is free from the Gover-nment's proposed changes to the administration regime.
Lovells was brought in by long-term client Rothschild. ABN Amro came on board later as joint lead managers and also retained Lovells.
Steam Packet was advised by Cains on Manx law and Richards Butler on the UK jurisdiction.