Global law firm White & Case LLP has advised the Republic of Namibia on its debut US$500 million international bond issue which closed today. Barclays Capital and Standard Bank led the transaction. Only three Sub-Saharan African countries outside of South Africa managed to access the international markets this year, and White & Case advised all three.
"Timing was everything with this transaction," said Stuart Matty, partner at White & Case. "In the immediate aftermath of the (now receding) global market rally following the conclusion of the EU leaders summit last week, Namibia was able to successfully launch its debut offering. Whilst the international markets continue to remain extremely volatile and risk averse, this quick-to-market transaction proves that the right credit entering the market at the right time can do so successfully even in the most dysfunctional market conditions."
"White & Case being able to provide an experienced team with a strong track record advising African sovereigns on debut securities offerings, who put together the disclosure in record time for a debut 144A African sovereign, was key to ensuring the country was in a position to be ready to launch its debut deal when the market was most receptive."
Earlier this year, White & Case acted for the Federal Republic of Nigeria on its US$500 million debut Rule 144A bond issue, and for the Republic of Senegal on its US$500 million debut Rule 144A bond issue. In late 2010, the Firm also acted on an exchange offer and consent solicitation for Côte d'Ivoire's outstanding Brady Bonds.
White & Case has extensive sovereign experience, having worked with over 60 sovereign nations over the past 30 years. Other sovereigns on whose bond offerings the Firm has acted include Belarus, Costa Rica, Indonesia, Mongolia, Macedonia, Poland, Serbia and the Ukraine, among others.
The White & Case team on the Republic of Namibia's bond was led by London-based partners Stuart Matty and Francis Fitzherbert-Brockholes with associates Melissa Butler and Gordon Charlton and trainee Gustina Singgih.
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