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DEALS

Cutting the perfect deal,
flawless in its execution

Absa | Corporate and Investment Banking > Insights and Events > Cutting the perfect deal, flawless in its execution
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We are proud to have successfully assisted Petra Diamonds in structuring and executing a tender offer to holders of their existing bonds.

The transaction was a $146m buyback funded by available cash on balance sheet. The client’s vision was to utilise recent strong performance to reduce gross debt in the business and optimise the capital structure by reducing the absolute debt levels, lowering cost of debt, and reducing future refinancing risk on the target bonds. On conclusion, the company successfully repurchased their bonds, lowering interest cost and reducing refinancing risk.

We acted as Dealer Manager of the liability management and as sole 1st Lien Lender, providing the required consent to allow the transaction to move forward. We were able to leverage our deep local understanding of the client and their business while providing relevant international market colour to help form the execution strategy for the transaction. We were able to activate our US and UK salesforces in order to engage global investors, leveraging our international platform.

That’s Africanacity.

Contact Victor Germeshuizen

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