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Foodcorp Closes First High Yield Debt Offering in South Africa
Practices
Paul, Weiss advised client Foodcorp (Pty) Limited, the first South African issuer to access the high yield market, with the first ever capital markets refinancing of high yield debt in South Africa. On March 4, Foodcorp closed an offering of €390 million (approximately US$545 million) of senior secured notes to refinance senior secured notes issued in 2005.
Paul, Weiss represented Foodcorp in its first two high yield offerings as well as its leveraged recap -- the first such transaction in South Africa following the credit crisis, and was also involved in the first offering by a South African issuer of high yield notes in the local market.
The Foodcorp team included securities partner Mark S. Bergman, with tax assistance provided by partner David W. Mayo.