Clifford Chance advises the joint global coordinators and mandated lead arrangers on Africell’s financing transaction, including debut high yield bond offering

Global law firm Clifford Chance advised Citi, J.P. Morgan and Standard Bank, as joint global coordinators and mandated lead arrangers, on a comprehensive financing transaction for Africell, a leading regional African mobile network operator with operations in The Gambia, Sierra Leone, Angola and the Democratic Republic of Congo. The transaction included Africell’s debut high yield bond offering of U.S.$300 million of senior secured notes, entry into a new U.S.$30 million revolving credit facility, related intercreditor arrangements and the release of security under the company’s existing financing arrangements.

Clifford Chance has a longstanding relationship with Africell and its financing banks, having previously advised on multiple financing transactions for the company. The proceeds of the bond offering will be applied for Africell’s general corporate purposes, including funding planned maintenance capex and expansion capex to build new tower sites and upgrade its existing tower sites, and for the repayment of existing indebtedness, including its loans from development financial institutions and certain senior commercial lenders.

Clifford Chance’s multidisciplinary London-based team advising the banks was led by partners Kayode Oladipo and Drew Rundus, with senior associates Sannu Shrestha and Michael Obiri-Darko and associates Yassin Salla, Kuan Yue Lim, Garo Yaghsezian, Mohammed Ghuas and Geoffrey Adonu. A team led by London partner Louise Keary and including senior associates Andy Whelan and Struan Murray and associate Robert Hartman advised Citi as notes trustee and Standard Bank as security agent.

Kayode Oladipo commented: “We were delighted to advise the banks on this complex transaction for Africell. This represents a milestone for the company as its debut international capital markets offering and positions it to further enhance the digital connectivity of sub-Saharan Africa. We are grateful for the opportunity to demonstrate our team’s capabilities working across a range of financing products for our clients across the globe.”