Our Finance Group helps clients navigate the business and legal complexities of novel and multidimensional debt financing transactions. We fully understand the challenges faced by borrowers, investors and lenders throughout a company’s lifecycle, from evolving techniques in acquisition finance to the tensions inherent in distressed situations. We are the firm of choice for the most innovative and complex financing matters, including bespoke structured financings and whole-business securitizations of novel assets and restructurings of multibillion-dollar companies.
Peermont Global Group Completes R4.1 Billion Refinancing
- Client News
- April 16, 2014
Practices
Paul, Weiss client Peermont Global Group, a casino and hotel group with operations in South Africa and Botswana, completed its restructuring and recapitalization through a R4.1 billion local six-year senior debt finance package underwritten by Rand Merchant Bank and jointly arranged with ABSA, Investec and Standard Bank, and the issuance of R1.2 billion of payment-in-kind notes to be listed on a European stock exchange. In addition, certain creditors replaced the R2.4 billion payment-in-kind notes issued in 2007 with preference shares at face value. Certain creditors also replaced existing loans of R3.8 billion with ordinary shares, amounting to 71% of the Group's equity. The senior secured notes issued in 2007 were paid off at maturity.
The Paul, Weiss team advising Peermont included London-based securities partner Mark Bergman and tax partner David Mayo.