European High Growth Opportunities Securitization Fund (EHGO), a securitization fund managed by Alpha registered in Luxembourg, committed to subscribe the Wayland debentures on or before February 20, 2020, in a structured finance transaction that was customized to meet both EHGO’s investment objectives and Wayland’s financing needs. The debentures, which are issuable in up to five tranches of C$4m each, are non-interest bearing and mature on the 12-month anniversary of their issuance date.
The firm also advised EHGO on a securities lending arrangement with one of Wayland’s shareholders that allows EHGO to borrow existing Wayland common shares.
Norton Rose Fulbright’s team was led by the firm’s Canadian and global chair, partner Walied Soliman, and included members of the firm’s securities and corporate finance practice Evelyn Li, Trevor Zeyl, and Cynthia Sargeant.
Walied Soliman commented:
“We are delighted to have assisted Alpha Blue Ocean with this structured financing and we hope to see many more in Canada in the near future. This was an excellent example of investors and issuers working collaboratively to come up with an investment vehicle that suits both of their needs. Such structured financings also provide greater flexibility for the parties to negotiate and customize a deal that achieves their respective objectives than the more typical financings of equity or debt securities.”
Pierre Vannineuse, founder & CEO of Alpha Blue Ocean, commented:
“Working with Norton Rose Fulbright, more specifically, with Walied Soliman was crucial for this investment. With his expertise in complex financial strategies, he and his team were able to advise us on the right approach of entering a new market. Together with the support of Evelyn Li, Trevor Zeyl, and Cynthia Sargeant, ABO has now confidently entered into the [Canadian] cannabis industry and we could not be any happier to have selected Wayland as a long-term investment to our portfolio.”
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