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Banro Corporation Closes Secured High Yield Financing
Practices
Paul, Weiss acted as counsel to the initial purchasers, led by GMP Securities L.P. and BMO Nesbitt Burns Inc., in connection with Banro Corporation's offer and sale of $175 million aggregate principal amount of 10% senior secured notes due 2017. Banro is a Canadian gold company with operations and exploration properties in the Democratic Republic of Congo.
The senior secured notes were offered and sold in 175,000 units, each unit consisting of $1,000 principal amount of senior secured notes and 48 warrants to purchase common shares of Banro, or 8.4 million warrants to purchase an aggregate of 8.4 million common shares. The offering, which closed on March 2, was completed under Rule 144A and Regulation S.
The Paul, Weiss team acting as counsel to the initial purchasers included corporate partner Adam M. Givertz and counsel Stephen C. Centa; and tax partner David W. Mayo.