Banking, Finance and Restructuring Team of the Year: Webber Wentzel
Finalists: Allen & Overy • Aluko & Oyebode • Bowman Gilfillan • Herbert Smith Freehills • Linklaters • Norton Rose Fulbright • Werksmans
November 20, 2014 at 07:50 AM
1 minute read
Finalists: Allen & Overy • Aluko & Oyebode • Bowman Gilfillan • Herbert Smith Freehills • Linklaters • Norton Rose Fulbright • Werksmans
The Banking, Finance and Restructuring Team of the Year was awarded to Webber Wentzel in recognition of its role advising on Peermont Global's 16bn rand (£0.9bn) restructuring.
Over a nine-month period, Webber Wentzel advised senior lenders to Peermont, southern Africa's third-largest gaming business. Following a private equity buyout in 2007, which had left the business with a knot of debt, the restructuring allowed Peermont to begin deleveraging its balance sheet as well as grant it the flexibility to invest in growth projects.
The term debt solution was carefully structured to give Peermont the flexibility to pursue growth and diversification opportunities across Africa while giving lenders suitable security and information to adequately manage their exposure, a feature that was absent from its previous funding package.Local regulation in various provinces of South Africa and Botswana affected the way in which the group was structured.
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