Joz Coetzer

Partner, London, Johannesburg

Biography

“Joz Coetzer possesses an intellect and wealth of experience which makes him your go-to man to advise on all aspects of banking and finance.” (Chambers Global 2018)

“Joz is our go-to-man for all banking related matters. He is very solution driven and tenacious. Not only does he have the best technical knowledge, he also has the ability to use his charm and people skills to negotiate a contract the way he deems best for his client.” (IFLR1000, 2017)

“‘smart’, ‘solution-driven’ and has ‘excellent people skills’” ( Legal 500, 2015)

“Sources are impressed by his technical skills and proactivity: ‘He’s very solution-driven, thinks outside the box and has a fresh approach.’”(Chambers Global, 2014)

Overview

Joz Coetzer is a partner in the Firm's Global Project Development and Finance Group in London.

He is recognised as a leading lawyer in the areas of finance (debt and equity including capital markets), general banking (operational and regulatory) and financial services. Joz regularly advises various domestic and foreign banks and other funds in Africa, and specializes in asset, project and/or infrastructure finance as well as equity, corporate, structured, leveraged and acquisition finance.

Bars and Courts
High Court of South Africa
Education
LLM
Tax
University of Witwatersrand
LLM
Banking
University of Johannesburg
LLB
University of Johannesburg
BCom Honours
University of Johannesburg
Languages
English
Afrikaans

Experience

Capital Markets

  • Representation of Eskom Holdings SOC Limited in the update of its US$4 billion GMTN programme and the subsequent issue of US$500 million 8.45% notes due 2028, and US$1 billion 6.35% guaranteed notes due 2028, guaranteed by the Government of the Republic of South Africa. The notes are listed on Euronext Dublin.
  • Representation of the international dealer managers in respect of the offers by Stillwater Mining Company to purchase its New York law-governed Reg S/Rule 144A Senior Notes (US$500 million 6.125% Notes due 2022 and US$550 million 7.125% Notes due 2025) up to a combined aggregate purchase price of US$350 million.
  • Representation of numerous companies with regard to listings on the JSE.
  • Representation of the international dealer managers in respect of the offer by Sibanye Gold Limited to purchase its English law-governed US$450 million 1.875 per cent. Guaranteed Unsecured Convertible Notes due 2023 up to a combined aggregate purchase price of US$50 million.
  • Representation of Bank of America Merrill Lynch and Dolomite Capital Limited, as Issuer, in relation to the listing on the JSE Limited of Series 12 ZAR80 million limited recourse floating rate credit linked secured notes due 2021 under the Issuer's Limited Recourse Secured Debt Issuance Programme.
  • Representation of Rand Merchant Bank, Delta Property Fund Limited, and Nampak Limited in relation to the establishment of a ZAR2 billion Domestic Medium Term Note Programme.
  • Representation of Nedbank Limited in connection with the refinancing of existing indebtedness of members of the Growthpoint Properties Limited group by means of Nedbank Limited's subscription for notes under Growthpoint Properties Limited's ZAR20 billion domestic medium term note programme.
  • Representation of Highbridge in its take-out of loan and bond finance with a combination of new bonds, equity and cash in Avenge Limited.
  • Representation of Ignition Telecom Investments in connection with its placement of a New York law governed note and warrants.
  • Advised Dolomite Capital Limited from a South African law perspective in relation to the update of its ZAR1,000,000,000 Limited Recourse Secured Debt Issuance Programme.
  • Representation of CFR in respect of its bid for Adcock Ingram listed issued share capital.

Banking and Project Finance

  • Representation of the mandated lead arranger in respect of the financing and operation of 3 solar PVs, two wind farms and one CSP tower project.
  • Representation of the mandated lead arrangers and preparing due diligence reports for various REIPPP programmes in Round 3.
  • Representation of Nedbank Limited as lender in connection with ZAR1 billion term loan funding provided to Delta Property Fund Limited in connection with the listing of Delta Property Fund Limited on the JSE.
  • Representation of NEC, a multinational information technology and network solutions company, on its acquisition of a minority controlling equity interest in XON, a South African information technology company, and related Black Economic Empowerment transaction.
  • Representation of The Standard Bank of South Africa Limited in its funding of ARM Limited in respect of its capital requirements for its Zambian joint venture.
  • Representation of Transnet and lead arranger Rand Merchant Bank on the Transnet Club Loan with 10 lenders.
  • Representation of IFC in relation to their equity investment in Nimble Group Limited, a South African company, and a loan for a special purpose vehicle to be established as a subsidiary of Nimble Group Limited.
  • Representation of Transnet on its ZAR25 billion umbrella multicurrency export credit finance facility forming part of a ZAR78 billion capital expenditure and expansion programme.
  • Representation of Transnet on the US$250 million Letter of Credit facility for capital expenditure and expansion programme.
  • Representation of Absa Capital in the funding of the management buy-out and delisting of Enviroserve and Kwik-Space.
  • Representation of Absa Capital and Barclays Capital in establishing export credit agency backed facilities for Telkom.
  • Representation of Nehawu Investment Company (Proprietary) Limited in respect of the refinancing of its existing facilities with Sanlam Capital Markets.
  • Representation of Commercial lenders and ECAs in connection with the US$multi-billion financing of the development of a gas liquefaction facility in Mozambique to monetize recent large scale gas discoveries in the Rovuma Area 1 Offshore Basin.
  • Representation of the bondholders of Petra Diamonds in respect of its proposed capital restructuring. We are advising on the corporate, regulatory, environmental, BEE compliance, finance and property impacts of the proposed restricting in so far as it impacts the bondholders' rights, new finance and security.
  • Representation of certain bondholders and the underwriters of Aveng Limited in relation to the balance sheet restructure exercise of Aveng Limited.
  • Representation of PIC in relation to existing legal agreements which are currently in place between, inter alia, the PIC, Drive in Trading and Grit Real Estate income fund in order to prepare, amend and restate certain agreements to incorporate new terms approved by PIC's investment committee for purposes of extending the current facility to Drive in Trading.
  • Representation of Rand Merchant Insurance Limited in the partial early repayment and restructure of its GBP funding and the issue of certain preference shares.
  • Representation of Eskom Holdings SOC Ltd in the negotiation with Investec, Standard Bank, Nedbank, FirstRand Bank and The African Development Bank in respect of various short-term facilities as well as the amendment thereof. We acted for Eskom in certain transfers where it was in dire need of financial assistance and at a time when the management was in flux.
  • Representation of the institutional investors comprising the majority of the senior creditors of African Bank Limited in relation to the latter's restructuring and recapitalization pursuant to the local bank crisis resolution process.
  • Representation of the senior funders to African Bank Limited in the restructuring and refinancing of the bank.
  • Advised Taquanta Holdings Limited on the corporate restructuring of their entire group of asset management and financial services companies.
  • Representation of a Spanish bank on possible funding of the acquisition of a stake in the Bakwena Toll Road Operating Company.
  • Representation of HSBC and BNDES in the funding of Phase 1 of the Rea Vaya rapid bus transit system.
  • Representation of HSBC in regard to the funding of the Titan Group of Companies.
  • Representation of the South African Department of Public Enterprise in respect of the funding of Eskom.
  • Representation of The Standard Bank of South Africa and HSBC in the funding of real estate acquisitions for Redefine Property Fund Limited and its UK affiliate.
  • Representation of Transnet in the funding of its rolling stock via AFLAC, Standard Bank and Nedbank.
  • Representation of Transnet in the ZAR4 billion loan from JBIC to widen the Durban Port.

Mining & Metals

  • Representation of the shareholders of a major South African PGM miner in the re-negotiation of its working capital and term facilities with The Standard Bank of South Africa. We provided advice to the company as well as its major shareholders in regard to the terms of the re-negotiation of the funding facilities as well as the instruments of security provided thereunder, most of which were concluded under Mauritian law. The facility consisted of a term facility, a bullet repayment facility as well as short-term and overdraft facilities.
  • Representation of Anooraq on the ZAR2.6 billion BEE deal with Anglo Platinum.
  • Representation of Standard Chartered Bank on the funding of Tata Steel SA (Pty) Ltd in respect of a chrome smelter.
  • Representation of Rand Merchant Bank in respect of providing US$ funding to RRL Grindrod for the export of locomotives to the DRC.
  • Representation of Caterpillar Financial Services Corporation on cross border asset based funding made available to Aveng Moolmans Proprietary Limited.
  • Representation of the lenders to Tharisa Minerals in its project finance RCF and terms facilities.
  • Representation of the bondholders of Petra Diamonds in respect of its proposed capital restructuring. Advising on the corporate, regulatory, environmental, BEE compliance, finance and property impacts of the proposed restricting in so far as it impacts the bondholders' rights, new finance and security. The proposed transaction comprises a complete restructuring and recapitalisation of Petra Diamonds and is possibly the largest restructuring in the mining sector to date.
  • Representation of Ivanhoe Mines in relation to the financing of the Platreef project in respect of the Northern Limb of the Bushveld Complex in the Limpopo Province of South Africa for the development of a staged production capacity, in order to achieve a target production capacity of 5,200,000 tonnes of ore processing capacity per annum. The funding structure includes term funding and streaming arrangements.
  • Representation of Sedibelo Platinum Mines Limited in relation to the disposal, by its subsidiary Platmin South Africa Proprietary Limited, of the Mining Right granted over the farm Grootboom 336 KT with reference number MP 30/5/1/2/2/281 MR.
  • Representation of CNIC and Sinosteel in the acquisition of the majority shareholding in the ultimate holding company of Samancor Chrome Pty Limited.
Awards and Recognition

Highly Regarded, IFLR1000, 2019-2020
Energy & Infrastructure
Project Finance 
Capital Markets (Debt, Equity)
Energy
Mining
Banking & Finance

"Joz Coetzer operates a notable practice in the finance space, acting for both lenders and borrowers on the provision of loan facilities, debt and equity restructuring, and preference share subscriptions."
Chambers Banking & Finance, 2021

"Joz Coetzer is a well-versed practitioner with a practice emphasis on debt and equity restructuring proceedings and preference shares transactions."
Chambers Banking & Finance, 2020

 "deep experience in mining sector project financings"
Legal 500, Projects & Infrastructure, 2020

 "outstanding project finance expert"
Legal 500, Projects & Infrastructure, 2019

"Joz Coetzer possesses an intellect and wealth of experience which makes him your go-to man to advice on all aspects of banking and finance."
Chambers Banking & Finance, 2018