White & Case LLP - News - Landmark Nigerian Listing on LSE

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Landmark Nigerian Listing on LSE
White & Case Continues to Innovate in Emerging Markets

London, July 25, 2007 ... White & Case acted for Guaranty Trust Bank plc ("GTBank"), one of Nigeria's major commercial banks, in its global offering of Global Depositary Receipts (GDRs) listed on the London Stock Exchange (LSE). The offering raised $750 million and is the first Nigerian GDR listing on the LSE and the first offering by a Nigerian bank sold into the United States in reliance on Rule 144A under the US Securities Act. JP Morgan and Morgan Stanley acted as Joint Global Coordinators and Joint Bookrunners.

Earlier this year the Firm advised GTBank on its debut eurobond issue of $350 million 8.5% Senior Notes due 2012, which was the first international corporate bond issue by a Nigerian business since the early 1990s.

"Given the relatively nascent state of the Nigerian capital markets, this transaction represents a significant milestone for Nigeria and sub-Saharan Africa and will pave the way for future offerings from the region. Investor appetite for emerging markets securities has been insatiable in 2007 and we expect the next couple of years will continue to see firsts from the emerging markets, not just in terms of offerings from previously untapped jurisdictions, but also in terms of structural innovation. It's going to be a very exciting time," commented Stuart Matty, lead White & Case partner advising on the deal.

The White & Case team advising GTBank was led by partner Stuart Matty, working closely with partners Sven Krogius, Ray Simon and Philip Broke and associates Melissa Butler, Alycia Riccobono, Kevin Connolly and Gerret Baur.

White & Case's London Capital Markets practice has extensive experience advising on innovative emerging markets transactions, both on the debt and equity side. Earlier this month the Firm expanded on its emerging markets resources with the recruitment of partner Carter Brod, whose practice is primarily focused on offerings from the emerging markets.

Recent highlights of the Firm's innovative emerging capital markets work include:

advising leading Indian real estate company DLF Ltd., on its $2.25 billion Initial Public Offering (IPO) on the National Stock Exchange of India and the Bombay Stock Exchange, which is the largest IPO in Indian stock market history;
advising ABN AMRO Bank N.V. on a $200 million subordinated loan to OJSC Russian Agricultural Bank, which is the first ever Upper Tier 2 equivalent regulatory capital financing in Russia;
advising JPMorgan Securities Ltd., Lehman Brothers International (Europe) and Merrill Lynch International on the IPO of Oil Refineries Ltd., an Israeli corporation wholly owned by the State of Israel, on the Tel Aviv Stock Exchange (TASE). The flotation raised NIS6.43 billion ($1.54 billion), making it the largest-ever IPO on the TASE, as well as being the largest-ever privatisation in the history of the State of Israel;
advising Gazprombank on the first fully convertible Russian rouble Eurobond to be issued in the international markets by a Russian borrower; and
advising Orascom Telecom Finance S.C.A. in its debut high yield issue of $750 million 7⅞% Senior Notes due 2014, guaranteed by its parent company, Orascom Telecom Holding S.A.E.. This issue was the first Rule 144A/Regulation S high yield bond offering to date by an Egyptian corporate, as well as being the first international corporate bond issuance by an Egyptian corporate since 1999.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Capital Markets Lawyers Philip Broke Melissa Butler Sven Krogius Stuart Matty Raymond Simon Locations London	Landmark Nigerian Listing on LSE White & Case Continues to Innovate in Emerging Markets London, July 25, 2007 ... White & Case acted for Guaranty Trust Bank plc ("GTBank"), one of Nigeria's major commercial banks, in its global offering of Global Depositary Receipts (GDRs) listed on the London Stock Exchange (LSE). The offering raised $750 million and is the first Nigerian GDR listing on the LSE and the first offering by a Nigerian bank sold into the United States in reliance on Rule 144A under the US Securities Act. JP Morgan and Morgan Stanley acted as Joint Global Coordinators and Joint Bookrunners. Earlier this year the Firm advised GTBank on its debut eurobond issue of $350 million 8.5% Senior Notes due 2012, which was the first international corporate bond issue by a Nigerian business since the early 1990s. "Given the relatively nascent state of the Nigerian capital markets, this transaction represents a significant milestone for Nigeria and sub-Saharan Africa and will pave the way for future offerings from the region. Investor appetite for emerging markets securities has been insatiable in 2007 and we expect the next couple of years will continue to see firsts from the emerging markets, not just in terms of offerings from previously untapped jurisdictions, but also in terms of structural innovation. It's going to be a very exciting time," commented Stuart Matty, lead White & Case partner advising on the deal. The White & Case team advising GTBank was led by partner Stuart Matty, working closely with partners Sven Krogius, Ray Simon and Philip Broke and associates Melissa Butler, Alycia Riccobono, Kevin Connolly and Gerret Baur. White & Case's London Capital Markets practice has extensive experience advising on innovative emerging markets transactions, both on the debt and equity side. Earlier this month the Firm expanded on its emerging markets resources with the recruitment of partner Carter Brod, whose practice is primarily focused on offerings from the emerging markets. Recent highlights of the Firm's innovative emerging capital markets work include: advising leading Indian real estate company DLF Ltd., on its $2.25 billion Initial Public Offering (IPO) on the National Stock Exchange of India and the Bombay Stock Exchange, which is the largest IPO in Indian stock market history; advising ABN AMRO Bank N.V. on a $200 million subordinated loan to OJSC Russian Agricultural Bank, which is the first ever Upper Tier 2 equivalent regulatory capital financing in Russia; advising JPMorgan Securities Ltd., Lehman Brothers International (Europe) and Merrill Lynch International on the IPO of Oil Refineries Ltd., an Israeli corporation wholly owned by the State of Israel, on the Tel Aviv Stock Exchange (TASE). The flotation raised NIS6.43 billion ($1.54 billion), making it the largest-ever IPO on the TASE, as well as being the largest-ever privatisation in the history of the State of Israel; advising Gazprombank on the first fully convertible Russian rouble Eurobond to be issued in the international markets by a Russian borrower; and advising Orascom Telecom Finance S.C.A. in its debut high yield issue of $750 million 7⅞% Senior Notes due 2014, guaranteed by its parent company, Orascom Telecom Holding S.A.E.. This issue was the first Rule 144A/Regulation S high yield bond offering to date by an Egyptian corporate, as well as being the first international corporate bond issuance by an Egyptian corporate since 1999. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848