Memery Crystal advise Surrey County Cricket Club on its 2019 bond

The 2019 bond is a non-transferable, non-convertible corporate mini-bond of a five-year fixed-term offering interest at a 4.5% fixed gross rate per annum, paid bi-annually.

The new development will see a three-tier stand built between the Micky Stewart Members’ Pavilion and the Peter May Stand, offering improved facilities for members, an enhanced match-day experience for spectators and hospitality guests, and increase the capacity of The Kia Oval to 28,000. Construction is set to begin this month with the entire project phased over one and half years. The new development, called One Oval Square, will also provide further capacity for Surrey’s growing conference and events business.

The Memery Crystal team on this deal was led by Chairman Lesley Gregory, and included Director Krishen Patel and Solicitor Lauren Belmonte. Memery Crystal have worked on more mini-bond issues than any other UK law firm, having been instructed on over 20 issues to-date.

Our work on this deal follows advising the club on the development and issue of its initial ‘Surrey County Cricket Club Bond’ in 2015, which raised £5m in 7 days, and was used to demolish the Peter May and Lock stands and replace them with a single new stand as well as improved spectator facilities and circulation space.

Andrew Lane, Director of Finance and Services at Surrey County Cricket Club, commented: “We are delighted that the second Surrey mini-bond has been fully subscribed in the Members priority. Working with Memery Crystal again has been really good – they have delivered an excellent service in a timely manner and been an integral part of the success of the bond.”

Lesley Gregory, Chairman at Memery Crystal, commented: “We are delighted that Surrey County Cricket Club’s latest bond has been fully subscribed and look forward to supporting the club as they continue the modernise the iconic Oval stadium.”

(Image Source: Kia Oval website)