International law firm Stephenson Harwood LLP has advised on the launch of a new equipment leasing fund, SQN Asset Finance Income Fund Limited (SQN). SQN is a newly-incorporated Guernsey-registered main market listed fund which intends to invest in equipment lease and asset finance arrangements across a diverse portfolio of assets and industries predominantly in the UK and US.
SQN has successfully raised £150 million by way of an initial placing and offer of 150 million new ordinary shares at 100 pence per share. The admission of its shares to trading on the main market of the London Stock Exchange occurred on 14 July 2014.
Stephenson Harwood advised SQN on all the legal, tax and regulatory issues involved in the launch. In addition, Stephenson Harwood also carried out due diligence on a number of equipment leases that are expected to form part of SQN's initial portfolio and is advising on the transfer of assets into the fund.
William Saunders, head of the funds team at Stephenson Harwood commented "With the global leasing market continuing to grow into the global economic recovery, it is particularly exciting to have advised on the launch of this innovative investment fund. We look forward to seeing the fund attract a high level of interest from investors and to continue advising SQN on its investments in the future."
Lisa Marks, finance partner at Stephenson Harwood added "The firm's extensive expertise in funds, finance and tax work helped us ensure that we were able to advise SQN on all its legal needs in preparation for its launch. Stephenson Harwood has advised on many fund launches and we look forward to continuing to help asset management companies plan for such events."
The funds team at Stephenson Harwood was led by partner William Saunders and supported by corporate associate Alexa Whitehead. In addition, teams led by finance partner Lisa Marks and tax partner Hugo Jenney advised on the leasing and tax elements of the transaction. Winterflood Securities Limited acted as sponsor, financial adviser and placing agent.