TITLE

First high-yield offering by South African bidder goes to Paul Weiss

AUTHOR(S)
Cushnie, Lorraine
PUB. DATE
July 2005
SOURCE
Lawyer;7/4/2005, Vol. 19 Issue 26, p10
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Paul Weiss Rifkind Wharton & Garrison Co. has scooped the first high-yield bond offering by a South African issuer in a deal worth 116.5m pound. The U.S. firm acted for new client Foodcorp, the South African manufacturer of branded and private label food products, which sold 175m pound of notes, maturing in 2012. Paul Weiss partner Mark Bergman, who led the team advising Foodcorp, said the landmark deal raised both novel regulatory and structuring issues. Foodcorp was created through the largest leveraged buyout (LBO) in South Africa by a Black Empowerment Entity (BEE) in the food sector and the second-largest BEE-led LBO in South Africa.
ACCESSION #
17605483

 

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