Legal counsel for banks on Axian Telecom's high-yield bond and credit arrangements
In a significant move for the telecommunications industry, global law firm White & Case LLP has advised on Axian Telecom's $800 million financing deal. The deal includes a $600 million 7.250% Senior Notes due 2030 offering and $200 million credit facilities.
Axian Telecom, a leading pan-African telecommunications services provider, will utilise the proceeds from the notes to refinance its existing debts and for general corporate purposes. The company serves over 40 million customers through a network of operations in Tanzania, Madagascar, Togo, Senegal, Comoros, Uganda, and the Democratic Republic of the Congo, among others.
The Revolving Credit Facility and the Senior Notes offering were acted upon by J.P. Morgan, Standard Bank, and Standard Chartered Bank as mandated lead arrangers and lenders. These banks also served as initial purchasers on the notes offering. Additionally, Standard Bank, Standard Chartered Bank, and The Mauritius Commercial Bank Limited acted as mandated lead arrangers and lenders on the Term Loan Facility.
The White & Case team that advised on the transaction included partners Melissa Butler, James Greene, and Claire Matheson Kirton (all London), 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).
Hassanein Hiridjee, the CEO and leader of Axian Telecom, expressed his satisfaction with the deal, stating it will provide the company with the necessary resources to continue its growth and expansion in the African market.
The White & Case team's expertise spans various service areas, including Capital Markets, Debt Finance, Infrastructure, Transportation & Logistics, Western Europe, Middle East, and United Kingdom. Team members specialising in areas relevant to the transaction include Darcy Lubich, who specialises in Debt Finance, Marion Genova in Capital Markets, and Melissa Butler, James Greene, and Claire Matheson Kirton, who all have expertise in Capital Markets, Sovereigns, Financial Institutions, and Financial Restructuring and Insolvency.
Prema Govind-Hitti, who specialises in Debt Finance, Bank Lending, Private Credit & Direct Lending, and Technology, and Claire Matheson Kirton, who specialises in Debt Finance, Financial Restructuring and Insolvency, UAE, Private Credit & Direct Lending, Islamic Finance, and Financial Institutions, also contributed significantly to the transaction. Bree C. Peterson, who specialises in Capital Markets, Life Sciences and Healthcare, Technology, and Sovereigns, also played a crucial role in the deal.
This financing deal is a testament to the strength and reach of White & Case's global capabilities, particularly in the telecommunications sector and the African market.
