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13 Mar 2023

Stephenson Harwood advises on award-winning deal

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Law firm Stephenson Harwood LLP has advised on a deal which won 'Structured Loan Deal of the Year' at the Bonds, Loans & ESG Capital Markets Africa Awards 2023.

The awards recognise the most innovative and ground-breaking deals by sovereign, corporate and financial institution issuers and borrowers from Africa.

This deal relates to GRIT Real Estate Income Group Ltd.'s (GRIT) US$306 million multi-jurisdictional, sustainability-linked syndicated financing, with Standard Bank as the sole mandated lead arranger. GRIT is a pan-African real estate investment company listed on the LSE and the Stock Exchange of Mauritius. Seven existing debt exposures are being consolidated into a single cross-collateralised financing, which is secured on assets in Mozambique, Zambia, Ghana and Senegal. The loan will be used to refinance GRIT's existing debt arrangements and finance a redevelopment project in Senegal.

The Stephenson Harwood team was led by Paris-based partner Jeremy Grant.

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