White & Case Advises South African National Electricity Company on Global Medium Term Note Programme and Inaugural Drawdown | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises South African National Electricity Company on Global Medium Term Note Programme and Inaugural Drawdown

White & Case Advises South African National Electricity Company on Global Medium Term Note Programme and Inaugural Drawdown

Global law firm White & Case LLP has advised South African national electricity company Eskom Holdings SOC Ltd on the launch of its US$4 billion global Medium Term Note programme and the inaugural US$1 billion Reg S/Rule 144A bond issuance thereunder.

"We were very pleased to work with long term client Eskom on this important transaction for them," said Johannesburg-based partner Steve Raney.

London-based partner Stuart Matty, who led the White & Case team that advised the company, said: "After a strong start in 2013, the markets waned in July and it was testament to the quality of Eskom's story that it was able to access the markets when it did."

"This was one of a number of high profile deals that White & Case advised on over a busy few weeks, including advising the governments of Nigeria and Ghana on benchmark transactions and the lead managers of Nigeria's First Bank on a debut subordinated transaction."

State-owned Eskom generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential customers and redistributors. It supplies approximately 95 percent of the electricity used in South Africa and approximately 45 percent of the electricity used across Africa.

Eskom will use the finances raised through the programme, including the US$1 billion issue, to help fund its committed capacity expansion programme, which requires total investment of approximately US$3.4 billion (ZAR 340 billion) over a five year period to March 2018.

Barclays and Citigroup, the arrangers of the programme, also acted as the joint mandated lead managers of the inaugural issuance in association with their local partners, Vunani and aloeCap. The programme and the bond are listed on the Luxembourg Stock Exchange.

The White & Case team that advised Eskom was led by London-based partners Stuart Matty and Melissa Butler with support from Johannesburg partner Steve Raney and London-based associate Marette Kemp.

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