White & Case LLP - News - Second International GDR Listing by Nigerian Bank This Year

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Second International GDR Listing by Nigerian Bank This Year
African Securities On a Roll

London, December 19, 2007 ... White & Case acted for Diamond Bank Plc ("Diamond Bank"), one of Nigeria's leading commercial banks, in its combined international and domestic offering of Global Depositary Receipts (GDRs). The offering raised $500 million, with $100 million coming from the international offering and $400 million from the domestic offering. It is the second Nigerian bank GDR listing on the London Stock Exchange (LSE) this year, following on from Guaranty Trust Bank plc's, which White & Case also advised on.

The GDRs, each of which represents 100 ordinary shares in Diamond Bank, are listed on the Official List of the UK Financial Services Authority and will be traded on the Professional Securities Market of the LSE. Morgan Stanley acted as Global Coordinator and Sole Bookrunner, with Vetiva Capital Management acting as Domestic Coordinator and Joint Domestic Underwriter.

"Whilst the credit crunch has undoubtedly had an impact on issuers in emerging economies, knocking investor confidence in emerging markets generally, the African market appears to be removed from this and is on a roll at the moment," commented White & Case partner Stuart Matty. "Moreover, as the Diamond and Guaranty Trust Bank public equity offerings show, Nigeria has real potential in the eyes of investors and we expect to see more issuers from the country and surrounding countries coming to the international markets in 2008."

The White & Case team advising Diamond Bank was led by partner Stuart Matty, working closely with associates Melissa Butler and Marette Kemp and trainee Yinka Osoba. Additionally, partners Ray Simon and Sven Krogius and associates Kevin Connolly, Gerret Baur and Isaac Tendler advised on the transaction.

The Firm has a long track record advising on both debt and equity offerings by African issuers. In addition to Guaranty Trust Bank plc's recent global offering of GDRs, White & Case also this year advised the bank on its 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. The Firm also acted for Orascom Telecom Finance S.C.A. on its debut high yield issue of $750 million 7⅞% Senior Notes due 2014, which was the first-ever Rule 144A/Regulation S high yield bond offering by an Egyptian corporate, and recently advised the Gabonese Republic on its $1 billion debut offering earlier this month.

About White & Case
White & Case LLP is a leading global law firm with 2,300 lawyers in 36 offices in 24 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 Melissa Butler Marette Kemp Sven Krogius Stuart Matty Raymond Simon Locations London	Second International GDR Listing by Nigerian Bank This Year African Securities On a Roll London, December 19, 2007 ... White & Case acted for Diamond Bank Plc ("Diamond Bank"), one of Nigeria's leading commercial banks, in its combined international and domestic offering of Global Depositary Receipts (GDRs). The offering raised $500 million, with $100 million coming from the international offering and $400 million from the domestic offering. It is the second Nigerian bank GDR listing on the London Stock Exchange (LSE) this year, following on from Guaranty Trust Bank plc's, which White & Case also advised on. The GDRs, each of which represents 100 ordinary shares in Diamond Bank, are listed on the Official List of the UK Financial Services Authority and will be traded on the Professional Securities Market of the LSE. Morgan Stanley acted as Global Coordinator and Sole Bookrunner, with Vetiva Capital Management acting as Domestic Coordinator and Joint Domestic Underwriter. "Whilst the credit crunch has undoubtedly had an impact on issuers in emerging economies, knocking investor confidence in emerging markets generally, the African market appears to be removed from this and is on a roll at the moment," commented White & Case partner Stuart Matty. "Moreover, as the Diamond and Guaranty Trust Bank public equity offerings show, Nigeria has real potential in the eyes of investors and we expect to see more issuers from the country and surrounding countries coming to the international markets in 2008." The White & Case team advising Diamond Bank was led by partner Stuart Matty, working closely with associates Melissa Butler and Marette Kemp and trainee Yinka Osoba. Additionally, partners Ray Simon and Sven Krogius and associates Kevin Connolly, Gerret Baur and Isaac Tendler advised on the transaction. The Firm has a long track record advising on both debt and equity offerings by African issuers. In addition to Guaranty Trust Bank plc's recent global offering of GDRs, White & Case also this year advised the bank on its 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. The Firm also acted for Orascom Telecom Finance S.C.A. on its debut high yield issue of $750 million 7⅞% Senior Notes due 2014, which was the first-ever Rule 144A/Regulation S high yield bond offering by an Egyptian corporate, and recently advised the Gabonese Republic on its $1 billion debut offering earlier this month. About White & Case White & Case LLP is a leading global law firm with 2,300 lawyers in 36 offices in 24 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