Magic Circle Duo Act as UK Government Offers Businesses COVID-19 Financial Relief
Both firms also advised the institutions during the 2008 financial crisis.
March 25, 2020 at 11:02 AM
2 minute read
Bank of England. Photo credit: George Rex
Freshfields Bruckhaus Deringer and Slaughter and May have advised the U.K. Treasury and the Bank of England on a new financial scheme to help businesses tackle Covid-19 related disruptions to their cash flows.
The COVID-19 corporate financing facility (CCFF), which was confirmed by HM Treasury on March 17, intends to ensure that companies have the necessary funds as the coronavirus impacts their cash flows.
Under the scheme, which will operate for an initial period of 12 months, funding will be provided to companies making a material contribution to the U.K. economy by purchasing commercial paper of up to one-year maturity.
The Bank of England has turned to long-term adviser Freshfields, with a team led by financial services head Michael Raffan, alongside structured finance partner Flora McLean, according to two people with knowledge of the situation.
Meanwhile, Slaughter and May is acting for HM Treasury. The team is made up of finance partners Oliver Storey and Guy O'Keefe, debt capital markets head Matthew Tobin and equity capital markets head Nilufer von Bismarck.
The Bank of England also called on Freshfields during the 2008 financial crisis, with Raffan leading an eight-lawyer team that advised on the Bank's £50bn liquidity support programme.
Slaughter and May also previously acted for HM Treasury during the 2008 crisis, advising on both the nationalisation of Northern Rock in 2008 and the bank's restructuring.
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