Clifford Chance

Upward trend in East Africa financing

Kenya is seeing an uptick in international fundraising activity, says international law firm Clifford Chance, which has recently completed two high profile financings in the region.

Clifford Chance advised Citi, Rand Merchant Bank, Standard Bank and Standard Chartered as lead arrangers and underwriters of USD800m syndicated loan for the Kenyan government.
Logan Wright, Clifford Chance partner who worked on the deal, said:
"We are seeing continued, strong activity in the loan markets in east Africa, and not just the sovereign and project finance spaces, but also increasingly for local corporates."
Separately, the firm has worked on USD500m bond financing for the Eastern and Southern African Trade and Development Bank (TDB, formerly known as PTA Bank). Citigroup, Commerzbank, MUFG and Standard Chartered acted as joint lead managers. In connection with the transaction, the firm also advised TDB on their cash tender offer for an outstanding series of bonds due 2018.
David Dunnigan, Clifford Chance partner who worked on the deal, said:
"This was an innovative transaction which combined both new money as well as a liability management exercise. We are seeing increased interest across the African Continent - from investors and potential issuers - for new capital markets transactions, both on the private and the public side."
Clifford Chance is the only international law firm outside Kenya to be recognised for having Kenya expertise in the Chambers directory.
The 2017 edition was released last week. See link here, http://www.chambersandpartners.com/123/242/editorial/2/6