Global law firm White & Case LLP has reinforced its leading position in emerging markets advisory with the closing of Guaranty Trust Bank's US$500 million Eurobond offering. The transaction is the first debt issue by a Nigerian corporate since the start of the crisis. White & Case advised Guaranty Trust Bank on the transaction, which was sold to US investors under Rule 144A and outside the US in reliance on Regulation S, and is listed on the London Stock Exchange.
The notes carry a coupon of 7.50 per cent and mature in 2016. J.P. Morgan and Morgan Stanley were joint lead managers for the transaction.
"This is an important transaction for Guaranty Trust Bank, but also for Nigeria. Following on from the sovereign bond issue from earlier this year, it's clear now that investors see a broad spectrum of growth for the country," said Stuart Matty, partner at White & Case. "As the local capital markets continue to mature, I think we'll see an increase, both in supply and demand, for these kinds of issues."
White & Case is extremely active in Sub-Saharan Africa having advised on a substantial number of high profile transactions in the region. The Firm advised PTA Bank, a trade and development bank on its debut US$300 million Eurobond, the first ever from an East African issuer; the Federal Republic of Nigeria on its debut issue US$500 million Eurobond; the initial public offering of R5.3 billion of Life Healthcare in South Africa and has recently acted for the Republic of Senegal, the Republic of Gabon, Cote d'Ivoire and the National Bank of Egypt on a variety of capital markets transactions.
The Guaranty Trust Bank team was lead by partner Stuart Matty and included associates Chris Horte and Anna Dupont, all in London.
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