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Guernsey teams collaborate to assist locally-domiciled fund on its LSE admission

02 March 2018

Another Guernsey-domiciled fund has been admitted to trading on the Specialist Fund Segment of the London Stock Exchange (LSE).

Guernsey teams at Carey Olsen and Carey Group assisted Marble Point Loan Financing (MPLF), a Guernsey-domiciled closed-ended investment company, which raised $42.5 million in its initial public offering and has a market capitalisation of $205.7 million.

The fund invests in a diversified portfolio of US dollar-denominated, broadly syndicated floating rate senior-secured corporate loans directly and indirectly via collateralised loan obligations and related vehicles managed by the fund’s investment manager, Marble Point Credit Management.

Partner Annette Alexander and Associate Jamie Oldfield led the Carey Olsen team advising MPLF on the Guernsey aspects of the admission, with Herbert Smith Freehills acting as lead counsel.

Ms Alexander said: "The listing of Marble Point is significant milestone for the company and we were very pleased to assist them in achieving their objective. It also underlines the fact that Carey Olsen remains the go-to offshore law firm for London Stock Exchange listings."

Carey Group has been appointed as administrator and company secretary to MPLF, while Stifel is the company's broker.

Client Director Chris Le Page said: "It was a real pleasure to work in synergy with Herbert Smith Freehills, Stifel and Carey Olsen to achieve this LSE listing with Marble Point Loan Financing (MPLF). Carey Group has enjoyed a long-standing relationship with MPLF since its inception, supporting its launch as a regulated fund in Guernsey, and we congratulate them on this significant achievement.'

Guernsey is home to more non-UK entities on the London Stock Exchange than any other jurisdiction.

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