Mourant advises on Cayman law aspects of US$120m hybrid facility for R-Bridge Healthcare Fund
09 March 2023
Mourant has provided Cayman Islands law services to global financial institution Natixis Corporate & Investment Banking's Hong Kong Branch as lender to R-Bridge Healthcare Fund, L.P on a US$120 million hybrid facility. This landmark transaction is one of a small handful of hybrid facilities in the Asian fund finance market.
R-Bridge Healthcare Fund, LP (RBF) is managed by CBC Group, a healthcare-dedicated asset management firm headquartered in Singapore. RBF provides leading biotech, biopharma, medical technology, and healthcare services companies with bespoke, non-dilutive financing, backed by Asia-sourced healthcare royalty/revenue interests, or through a range of alternative financing structures.
With a hybrid structure, the newly closed facility relies on both recallable and uncalled capital from investors of RBF and the performance of the investments made by RBF.
Hong Kong Partner Danielle Roman led the deal for Mourant, working closely with Lily Miao (Counsel), Alicia Phang (Senior Associate), Edmond Lo (Legal Manager) and Michelle Wong (Paralegal).
On the transaction, Mourant worked in close collaboration with Reed Smith LLP, as lead onshore counsel advising Natixis Corporate & Investment Banking.
Danielle commented:
"The Mourant Hong Kong practice has been at the forefront of the fund finance market in the region, and is an industry leader in the development of hybrid credit facilities and other innovative structures in an Asian-Pacific context.
"It was a pleasure to not only assist Natixis CIB with the legal aspects of this deal, but to also advise on the commercial elements in relation to the collateral securing the hybrid facility.
"Thanks also to Leon Stephenson, Colin Baker and the wider team at Reed Smith for their hard work and expertise as onshore leads on this transaction; we hope to collaborate again in the future."
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
