Firms To Watch: Banking and finance

At Poswa Incorporated, the banking and finance team’s workload includes high-value transactions, including both bullet loan facilities and term loan facilities. Nzame Qokweni and Luyolo Poswa are key practitioners.
Thabang Shomang heads the banking and finance practice at RAMS Attorneys, which is adept at advising on mezzanine financing, convertible loans and syndicated and bilateral financing structures, to name a few areas of expertise.

Banking and finance in South Africa

Bowmans

At Bowmans, the banking and finance practice has a solid track record in advising on high-profile, complex restructurings, and sustainability-linked funding transactions. The team is noted for its strength in representing borrowers, however the group is equally adept at advising lenders such as investment banks in high-value matters. Shamilah Grimwood-Norley co-heads the department with Ulrike Naumann, who has extensive experience in mezzanine finance, secured and syndicated lending, and debt restructuring. Jan Kruger specialises in handling preference share funding arrangements. Jason Wilkinson and Michael Swartland are also singled out for their contributions to the team.

Practice head(s):

Shamilah Grimwood-Norley; Ulrike Naumann


Other key lawyers:

Jan Kruger; Jason Wilkinson; Michael Swartland


Testimonials

‘The people and service are excellent.’

‘Knowledge, skill, speed, commitment is what sets them apart.’

They have really committed people.’

Key clients

Absa Bank Limited


African Rainbow Capital


African Rainbow Minerals Limited


Alexander Forbes Group Holdings Limited


Alexander Forbes Life Limited


ARM Coal Limited


Ashburton Fund Managers Proprietary Limited


Bank of China


Capitec Bank Limited


Clindeb


Coca Cola Beverages South Africa Propriety Limited


Development Bank of Southern Africa


Fairfax Africa Investments Proprietary Limited


FirstRand Bank Limited


Future growth Asset Management Proprietary Limited


HSBC Bank plc


Imperial Logistics Limited, Imperial Capital Limited, Imperial South Africa Holdings Proprietary Limited, Imperial South Africa Group Proprietary Limited, Imperial Mobility International B.V., and Imperial Mobility Finance B.V.


Investec Bank Limited


JP Morgan Chase Bank N.A. (London Branch)


Nedbank Limited


Netcare Limited


Ninety-One Limited


Old Mutual Alternative Investments Proprietary Limited, Old Mutual Hybrid Equity Fund, Old Mutual Specialised Finance


Orion Mine Finance, Orion Resources Partners


Prescient Investment Management Proprietary Limited


RMB International (Mauritius) Limited


Sanlam Investment Management Proprietary Limited


Sanlam Life Insurance Limited


Standard Chartered Bank


The Standard Bank of South Africa Limited, Stanbic Bank IBTC PLC, Stanbic Bank Kenya Limited


Stanlib Management Proprietary Limited


Tongaat Hulett Limited


Trafigura PTE Limited


Work highlights


  • Advising the National Treasury on the provision of a sustainable solution to the R440 billion debt burden of Eskom.
  • Advised Rand Merchant Bank, The Standard Bank of South Africa and other lenders on the impact of the Heineken scheme of arrangement on Distell Limited’s R6.2 billion funding package.
  • Advising a syndicate of financiers on the refinancing of Sun International Limited’s R6 billion debt.

ENSafrica

Led by structured trade and commodity finance expert Craig Saven, the banking and finance practice at ENSafrica is very well known for advising on cross-border mandates, and counts debt finance as the core strength of the department. The team is regularly instructed by domestic and international banks, large corporates and development finance institutions, and acts for borrowers, lenders, issuers and sponsors. Sean Lederman is highly regarded in the banking and finance space, with an excellent track record in advising on asset and leveraged finance and debt restructurings, with specialist expertise in aircraft financings. Anina Boshoff and Jessica Blumenthal are star names in the practice. Deborah Carmichael left the firm in March 2023.

Practice head(s):

Craig Saven


Other key lawyers:

Anina Boshoff; Sean Lederman; Jessica Blumenthal


Testimonials

‘The team are very pragmatic and commercial and seek to cut through complex issues efficiently and diligently. ’

Key clients

Katiso Renewable Energy (RF) Proprietary Limited


Akhona Group Proprietary Limited


Absa Bank Limited


Eskom Holdings SOC Ltd


Cell C Limited


Investec Bank Limited


Uis Tin Mining Company


The Standard Bank of South Africa Limited


Sasol Financing International Limited


Sasol Financing USA LLC


Sasol Limited


Inflexion Private Equity Partners LLP


Ginger Bidco Limited


Alston Elliot Limited


AEL Assets Holding Proprietary Limited


Alston Elliot South Africa Proprietary Limited


Absa Bank (Mauritius) Limited


Development Bank of South Africa Limited


NSIA Banque Cote d IvoireTransnet SOC Ltd


Work highlights


  • Advised a consortium of financial institutions on a senior secured borrowing base facility made available to the consortium by Tongaat Hulett Limited.

Webber Wentzel

Webber Wentzel‘s banking and finance practice is home to ‘a team of seasoned lawyers with a great amount of experience‘. The ‘incredibly dedicatedKhurshid Fazel is very experienced in advising on sustainability-linked loans and preference share funding transactions; she co-heads the banking and finance team with Lindi Marais, who regularly advises on debt work. Dawid de Villiers has ‘excellent knowledge of banking and financial services regulation‘, and Karen Couzyn is a highly regarded practitioner in the debt capital markets space. Kathy Shepherd acts for borrowers and lenders in syndicated lending matters and acquisition financings. Rashaad Carrim, Natasha Pather, and Faatimah Jaffer also play important roles in the department.

Practice head(s):

Khurshid Fazel; Lindi Marais; Dawid de Villiers; Karen Couzyn


Other key lawyers:

Kathy Shepherd; Rashaad Carrim; Natasha Pather; Faatimah Jaffer


Testimonials

‘The reason we use this team is the depth of knowledge and the service delivery. You know your deal is in good hands with this team.’

‘Rashaad Carrim is a brilliant lawyer who is commercially minded. His availability and attention to clients’ needs is what makes him a good fit for us. He will also go above and beyond to help get you deal across the line.’

Karen Couzyn is the best in the market in her field and her knowledge and understanding of the law is beyond compare.’

‘Khurshid and her team are in a league of their own.’

‘Khurshid is always available and just exceptional in every way. There is never a challenge she can’t solve.’

Wide range of financial regulatory coverage.’

Dawid de Villiers has a pragmatic and commercial approach.’

Key clients

Absa Bank


Rand Merchant Bank


Standard Bank


Investec Bank


Nedbank Limited


African Bank Limited


Bank of America Merrill Lynch, London


Bank of China South Africa


UK Climate Investments (UKCI) and Norfund


Premier Group Limited


China Development Bank


Standard Chartered Bank


Community Investment Ventures Holdings (Pty) Ltd (CIVH)


Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr’s banking and finance team stands out for being ‘commercial and pragmatic with excellent industry knowledge‘. Cross-border mandates form a key pillar of the practice, and the group is well known for its strength in handling debt and equity capital markets and financial restructuring matters. Mashudu Mphafudi, who heads the department, represents financial institutions in corporate and project finance matters, and is well-versed in acting for agriculture, infrastructure, renewable energy and mining clients. Pitso Kortjaas has experience advising on structured and leveraged finance, securitisations and sustainability-linked facilities. Ludwig Smith, Jess Reid, and Michael Bailey play important roles in the practice. Jenni Darling left the firm in March 2023.

Practice head(s):

Mashudu Mphafudi


Other key lawyers:

Ludwig Smith; Michael Bailey; Jess Reid; Pitso Kortjaas


Testimonials

‘The team at CDH we work with is always ready; even though work may come up unplanned, it never seems that they are pressured for time. They are also practical in finding solutions.’

‘Willingness to listen, help and be flexible.’

Deep expertise in the practice.’

Key clients

Nedbank


Richemont


A2X Markets


Hyprop


Investec Property Fund


Transcend Residential Property Fund


The International Swaps and Derivatives Association Incorporated


Investec Equity partners


Vumatel


Old Mutual


Royal Bafokeng National Development Trust


Sanlam


Northern Platinum


Liquid Telecom Group


Vodafone Group Services


Lonmin


Tiso Investment Holdings


Anglo American


Standard Bank Group


Apis


PIC


IDC


Noble Resources International


ABSA Bank


FirstRand Bank


L1


Blantyre


MCSA


Stor-Age


Irongate Funds Management


True South 1


Motus Holdings


Harmony Gold


DLA Piper Advisory Services (pty) Ltd

The team at DLA Piper Advisory Services (pty) Ltd has been kept especially busy advising on high-value debt restructuring matters. Practice head Jackie Pennington acts for lenders and borrowers in a range of banking and finance work, including acquisition, leveraged and asset financing, and syndicated lending; Jamie MacDonald has experience in cross-border financing, project finance and debt restructuring. Bridget King has expertise in derivatives and repo transactions. Pride Jani and Nick Goldberg also stand out for their contributions. Diana Messerschmidt left the firm in October 2022.

Practice head(s):

Jackie Pennington


Other key lawyers:

Bridget King; Jamie MacDonald; Nick Goldberg; Pride Jani


Testimonials

‘Team availability is great. Broad skill levels across the team.’

Key clients

FirstRand Bank


Nedbank


The Standard Bank of South Africa


Investec Bank


Brait


Ardagh Glass Packaging Group (formerly known as Consol Glass Holdings)


RAIN


The International Swaps and Derivatives Association Inc. (ISDA)


Royal Bank of Canada


Citibank N.A.


Quick Trade


HSBC Bank Plc


Peermont Group


Zeda


Work highlights


  • Acted as South African counsel to a committee of secured creditors, concerning the ZAR7.3bn restructuring of South African telecommunications company Cell C’s debt.
  • Advising Pele Green as borrower in relation to the refinancing and restructuring of the first listed project bond issued for the purpose of financing a renewable energy project in South Africa.
  • Advising the Peermont group on the refinancing of its debt and preference share facilities by FirstRand Bank, Investec Bank, The Standard Bank of South Africa and RMB Investments and Advisory.

Norton Rose Fulbright South Africa Inc

Project finance expert Jackie Midlane leads Norton Rose Fulbright South Africa Inc’s banking and finance team, which has been kept busy advising financial institutions and large corporations on green loans, asset financings, refinancing and cross-border financial mandates. Midlane combines her project finance experience with strength in handling development, asset and structured finance work for clients in the energy, mining and telecoms sectors. Michelle David is sought after for her track record in advising on financial services regulatory matters; Raghemah Hendricks specialises in real estate finance; Malibuye Cossie focuses on syndicated lending and project finance; and Shawn Barnett handles derivatives transactions.

Practice head(s):

Jackie Midlane


Other key lawyers:

Malibuye Cossie; Michelle David; Raghemah Hendricks; Shawn Barnett


Testimonials

‘Well-rounded team with an excellent reputation.’

‘Jackie Midlane is well-known for her expertise in project finance and the renewable energy sector.’

‘Dedicated and available. Respects deadlines.’

Key clients

Absa Bank Limited


Barclays Bank Plc


Ecobank


Enel Green Power


Eskom Pension Fund


FirstRand Bank Limited (acting through its Rand Merchant Bank division)


Globeleq


Government Employees Medical Scheme


Government Employees Pension Fund


Industrial Development Corporation


Infinity Power


International Finance Corporation


Investec Asset Management Proprietary Limited


Metropolitan Life Limited (MML)


Nedbank Limited


OPEC Fund


PPC Limited


Proparco


Rand Merchant Bank Limited


Revego Africa Energy Fund


RTI International


Société Générale


TBI Strategic Partners Proprietary Limited (TBI)


The Development Bank of Southern Africa


The Standard Bank of South Africa Limited


White & Case LLP

Debt finance forms the backbone of White & Case LLP‘s practice. The team is well-known for its strength in assisting with asset-based lending, syndicated loan financings, sustainability-linked credit facilities, sovereign guaranteed financing, and regulatory capital loans. Practice head Lionel Shawe is a highly-regarded practitioner in the field, with an excellent track record in handling securitisation matters, structured and leveraged financing, capital markets work and credit derivatives issues for a client base of domestic and international banks and financial institutions. Lindani Mthembu is well versed in advising on cross-border transactions, and Sibusiso Zungu brings specialist expertise in handling refinancings for clients in the real estate sector. Alex Cullinan and Sboniso Ciban are singled out for their contributions.

Practice head(s):

Lionel Shawe


Other key lawyers:

Lindani Mthembu; Sibusiso Zungu; Alex Cullinan; Sboniso Ciban


Key clients

Absa Bank Limited


African Development Bank


Citibank


Development Bank of Southern Africa


Eskom SOC Limited


FirstRand Bank Limited


Highbridge Fund Managers


International Finance Corporation


Investment Bank Limited


Nedbank Limited


Rand Merchant Bank


Stanlib Asset Management


The Bidvest Group Limited


The Standard Bank of South Africa Limited


Vox Telecommunications (Pty)


Whitebox Advisor


Thungela Resources Limited


Goldman Sachs


Telkom SOC SA Limited


Work highlights


  • Advised Nampak Limited on the restructuring of its existing debt and the implementation of a new debt package.
  • Advised Absa Bank Limited, Bank of China Limited, Nedbank Limited and the State Bank of India, on a ZAR10bn loan to be advanced to Northam Platinum Limited, Northam Platinum Holdings Limited, Booysendal Platinum Proprietary Limited and Eland Platinum Proprietary Limited.

Allen & Overy (South Africa) LLP

Led by the ‘excellentRyan Nelson, the banking and finance practice at Allen & Overy (South Africa) LLP draws on the capabilities of its established global network to advise on the full range of banking and finance matters, including cross-border debt financings and restructurings, leveraged and asset financings, and syndicated lending mandates. The ‘knowledgeable‘ team was bolstered by the arrival of the ‘eloquentDeborah Carmichael in March 2023, who brings ‘deep expertise‘ in acting for borrowers and lenders in debt-related work. Amanda Jones is very experienced in handling preference share funding and leverage and acquisition financings.

Practice head(s):

Ryan Nelson


Other key lawyers:

Deborah Carmichael; Amanda Jones


Testimonials

‘Efficient and communicates well.’

‘Excellent knowledge of banking, and a diverse team. Very flexible on billing.’

‘Good knowledge of the market and understanding of financing principles. Good negotiators.’

Key clients

Ascendis Health Limited


British International Investment


Country Bird Holdings


Emerging Africa Infrastructure Fund


FirstRand Bank Limited (acting through its Rand Merchant Bank division)


FMO Entrepreneurial Development Bank


International Finance Corporation


Intesa Sanpaolo Group


Investec Bank Limited


Nedbank Limited


Ninety One Investments


Respublica Student Living Proprietary Limited


The Standard Bank of South Africa Limited


Westbrooke Alternative Asset Management


Pick ‘n Pay Limited


South African Reserve Bank


Work highlights


  • Advising a group of arranger and lender clients on two receivables-based secured syndicated credit facilities to be provided to M-KOPA Kenya Limited and M-KOPA Uganda Limited.
  • Assisted the Pick ‘n Pay group of companies in relation to the provision of senior, unsecured, sustainability-linked long term facilities with an aggregate value of ZAR4,500,000,000 to the client by  a consortium of lenders.
  • Advised the Country Bird group of companies on the provision of multiple secured facilities with an aggregate value of ZAR1.4bn to the client by Investec Bank Limited, First Rand Bank Limited, and other domestic branches of FirstRand Bank Limited.

CMS South Africa

CMS South Africa’s banking and finance practice reports an uptick in restructuring mandates, and had also been kept busy handling project finance, development finance and green financings for clients in the energy and infrastructure sectors. Riza Moosa is very experienced in representing development financiers in a broad spectrum of transactional matters, and is also noted for his strength in preference share funding. Moosa jointly heads the department with Bridgett Majola, a key practitioner in debt finance, who regularly acts on infrastructure and energy projects. Karabo Kanapi is singled out for her contributions.

Practice head(s):

Riza Moosa; Bridgett Majola


Other key lawyers:

Karabo Kanapi


Testimonials

‘Depth, high degree of cooperation between team members, good leadership.’

‘Bridgett Majola is smart, practical and hardworking. She’s easy to work with and very responsive.’

A great team to work with.’

Key clients

Development Bank of Southern Africa Limited


Pan-African Infrastructure Development Fund 2 SA (PAIDF 2)


Industrial Development Corporation of South Africa Limited


Absa Bank Limited


Work highlights


  • Advised the Development Bank of Southern Africa as equity lender on two 100MV solar PV projects, announced by Tronox Mineral Sands Proprietary Limited.
  • Advised Absa Bank and The Standard Bank of South Africa on the release and transfer of security and existing trade finance instruments from an existing consortium of lenders to the clients; the clients became the new consortium of lenders and acted as mandated lead arrangers concerning facilities to be made available to Trident Steel Africa, in part for the purpose of funding the acquisition of the Trident Steel division of Aveng Africa.

Werksmans Attorneys

Elliott Wood heads Werksmans Attorneys’ banking and finance practice, which is well known for representing major financial institutions, domestic and international banks and clients drawn from a range of sectors, including agriculture, commodities, retail and healthcare, in high-value debt refinancings, asset finance matters, acquisition and leveraged finance mandates, and project and limited recourse finance work. Richard Roothman ‘has vast experience and a depth of expertise in all areas of banking and finance‘, and Laura Alexander acts for lenders and borrowers in preference shared transactions and corporate debt restructurings. The department was bolstered by the arrival of Jenni Darling in March 2023.

Practice head(s):

Elliott Wood


Other key lawyers:

Richard Roothman; Laura Alexander; Jenni Darling


Testimonials

‘Depth of expertise and pragmatic approach.’

‘Richard Roothman is unassuming and easy to work with.’

‘Jenni Darling and all of her team take the time to understand our business, the objectives of the transaction and work with us to find the most effective and efficient way of achieving those objectives. Jenni has developed an excellent understanding of our needs and she always strives to meet or exceed those needs.’

Jenni is an exceptionally knowledgeable and talented lawyer, yet she is never shy to seek guidance from or refer to colleagues on the rare occasion when an issue is outside her expertise. Her fees are always fair and reasonable while the quality of work is exceptional and the service delivery is remarkable.’

‘This is an extremely well-rounded practice in that not only will you get legal advice of the highest quality, but the commercial acumen of the team means that this advice is complemented by an approach that is grounded in what will work best for you and your company.’

‘Full commercial approach to each deal with great legal knowledge.’

‘Truly understands us as clients and the objectives we need to reach.’

‘The words that comes to mind are style, class and determination.’

Key clients

The Standard Bank of South Africa Limited


Steinhoff International Holdings N.V.


Thelo Rolling Stock Leasing Proprietary Limited


Tennant Metals South Africa Proprietary Limited


Investec Property Fund


Afgri Group Holdings


Redink Rentals


Pallidus Capital


Vantage Capital Group (Pty) Ltd


Rand Merchant Bank


Public Investment Corporation SOC Limited


Transaction Capital Limited


Nutun Proprietary Limited


SA Taxi Holdings Proprietary Limited


Trident Steel Africa Proprietary Limited


Wasteplan Holdings Proprietary Limited


Nedbank Limited


MetroFibre Networx Proprietary Limited


Investec Bank Limited


The South African Reserve Bank


Work highlights


  • Acted as South African counsel to Steinhoff in relation to the structuring and implementation of its equity reorganisation, and the extension of the maturity of its Group Services Debt, via a WHOA procedure.
     
  • Advised Rand Merchant Bank on the ZAR12 billion syndicated term loan facility provided to Multichoice Group as funding for its business growth.
  • Advised MetroFibre Networx on all aspects of a R5bn financing used to expand the client’s business in South Africa.