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28 Oct 2022

Stephenson Harwood advises GRIT on US$306 million debt financing

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Law firm Stephenson Harwood LLP has recently advised GRIT Real Estate Income Group Ltd. (GRIT) on a US$306 million debt refinancing and syndication, with Standard Bank as the sole mandated lead arranger.

This multi-jurisdictional sustainability-linked transaction involving GRIT – a real estate investment company listed on the LSE and the Stock Exchange of Mauritius – is reported to be the largest real estate industry matter in sub-Saharan Africa (excluding South Africa).

The seven existing debt exposures are being consolidated into the single cross-collateralized financing, which is secured on assets in Mozambique, Zambia, Ghana and Senegal. The proceeds of the loans will be used to replace GRIT's existing debt arrangements and for a redevelopment project in Senegal.

Interest payments under the facilities are linked to GRIT's carbon-emissions reduction and gender-equality targets.

Stephenson Harwood has previously acted for GRIT on a number of ground-breaking transactions, including its July 2018 London IPO.

The Stephenson Harwood team was led by partners Jeremy Grant and Sean Crowley, who were supported by associate Katharine Wheatcroft.

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KEY CONTACT

Sean Crowley

Sean Crowley
Partner

T:  +44 20 7809 2037 M:  +44 7818 564 438 Email Sean | Vcard Office:  London

Jeremy Grant

Jeremy Grant
Partner

T:  +33 1 44 15 82 69 +44 20 7329 4422 M:  +33 6 85 06 66 46 Email Jeremy | Vcard Office:  London, Paris

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Rose Charteris

Senior communications & PR executive

T: +44 20 7809 2961 
Email Rose

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