Banking institutions receive counsel from our legal team regarding Axian Telecom's high-yield bonds and credit arrangements.
In a significant development, global law firms White & Case LLP, Latham & Watkins LLP, and Appleby have been appointed as advisors for Axian Telecom's US$600 million 7.250% Senior Notes offering and US$200 million credit facilities.
The White & Case team, led by partners Melissa Butler, James Greene, and Claire Matheson Kirton, advised Axian Telecom on the transaction. The team included counsel Bree Peterson (London) and associates Prema Govind-Hitti, Marion Genova, Darcy Lubich, and Nick Leavenworth (all Dubai), and Shushi Hovannisian and Jeffrey Cheung (both London).
Claire Matheson Kirton specializes in Debt Finance, Financial Restructuring and Insolvency, UAE, Private Credit & Direct Lending, Islamic Finance, and Financial Institutions. James Greene specializes in Media, Technology, Capital Markets, Financial Restructuring and Insolvency, and Financial Institutions. Bree C. Peterson specializes in Capital Markets, Life Sciences and Healthcare, Technology, and Sovereigns. Prema Govind-Hitti specializes in Debt Finance, Bank Lending, Private Credit & Direct Lending, and Technology.
Meanwhile, Latham & Watkins LLP advised on the successful offering of the US$600 million 7.25% Senior Notes due 2030, as well as the entry into a new US$150 million term credit facility and a US$50 million revolving credit facility (totaling US$200 million) used to refinance existing debt. Key Latham & Watkins team members included Dubai partners Nomaan Raja and Basil Al-Jafari.
Appleby, on the other hand, acted as the listing sponsor and legal advisor for the multi-jurisdictional transaction involving the listing of the senior notes on The International Stock Exchange (TISE). The Appleby team was led by Partner Christophe Kalinauckas.
The notes attracted anchor investments from development finance institutions such as British International Investment plc (BII), DEG, Emerging Africa & Asia Infrastructure Fund Limited (EAAIF), IFC, and PROPARCO. The initial purchasers and mandated lead arrangers and lenders for the notes and credit facilities included J.P. Morgan, Standard Bank, and Standard Chartered Bank, with J.P. Morgan and Standard Bank also acting as development finance structuring agents on the notes offering.
Standard Bank, Standard Chartered Bank, and The Mauritius Commercial Bank Limited acted as mandated lead arrangers and lenders on the Term Loan Facility, while J.P. Morgan, Standard Bank, and Standard Chartered Bank acted as mandated lead arrangers and lenders on the Revolving Credit Facility.
Axian Telecom, a leading pan-African telecommunications services provider, serves more than 40 million customers through operations in Tanzania, Madagascar, Togo, Senegal, Comoros, Uganda, the Democratic Republic of the Congo, and via joint ventures in Reunion and Mayotte.
The White & Case team that advised on the transaction was based in Western Europe, the United Kingdom, and the UAE.
[1] Source: White & Case press release, 17 February 2023 [2] Source: Appleby press release, 17 February 2023 [4] Source: Axian Telecom press release, 17 February 2023
- White & Case LLP, with a team led by partners Melissa Butler, James Greene, and Claire Matheson Kirton, specializes in providing law counsel for capital markets, financial institutions, debt finance, financial restructuring and insolvency, UAE, private credit & direct lending, Islamic finance, technology, life sciences and healthcare, and sovereigns, among other services.
- The Latham & Watkins LLP team, from Dubai, advised on the successful offering of US$600 million 7.25% Senior Notes due 2030 and the entry into new credit facilities worth US$200 million, which were used to refinance existing debt.
- Appleby acted as the listing sponsor and legal advisor for the multi-jurisdictional transaction involving the listing of the senior notes on The International Stock Exchange (TISE).
- Axian Telecom's team of associates, under the guidance of partners, includes experts in debt finance, bank lending, private credit & direct lending, technology, and other relevant fields.
- British International Investment plc (BII), DEG, Emerging Africa & Asia Infrastructure Fund Limited (EAAIF), IFC, and PROPARCO were among the development finance institutions that made anchor investments in Axian Telecom's US$600 million 7.25% Senior Notes offering.
- J.P. Morgan, Standard Bank, and Standard Chartered Bank played crucial roles as initial purchasers, mandated lead arrangers, and lenders for Axian Telecom's US$600 million Senior Notes offering and US$200 million credit facilities.
- Axian Telecom, a leading telecommunications services provider, operates across multiple African countries and via joint ventures, serving over 40 million customers with various telecom services.
