• Announced at annual World Bank/IMF meeting
• US$229 million sugar refinery in Nigeria

City law firm RPC (Reynolds Porter Chamberlain LLP) has advised on the funding of a US$229m sugar refinery in Lagos, Nigeria, which has been named ‘Deal of the Year’ at the African Banker Awards.

The award was voted for by leading banking industry figures during the annual meeting of the World Bank Group and the International Monetary Fund, held in Washington DC.

The project involves the construction of a state-of-the-art sugar refinery complex in Lagos which comprises a 750,000 metric tons per annum sugar refinery plant, a 65,000 ton storage facility and a 30 megawatt gas-power plant.

RPC advised the company sponsor, Flour Mills of Nigeria PLC, and the borrowers, a special purpose vehicle called Golden Sugar Ltd, in relation to the US$143m debt funding.

Gwyneth Macaulay, Head of RPC’s Banking and Finance Group, comments: “We are delighted to have been involved in this deal. It is further testament both to the strength of our corporate offering and the value of our membership of the TerraLex network, one of the largest legal networks in the world.”

“Advising the borrowers, our team liaised with banks and lawyers in Nigeria, South Africa and London, so this was a really international deal centred on a rapidly developing part of Africa.”

The deal represents the largest single investment in sugar production in Nigeria to date and is in line with the Government of Nigeria’s objective to produce greater self-sufficiency in producing raw sugar locally.

Gwyneth Macaulay continues: “We were asked to act on the matter by our Nigerian TerraLex partner firm, Chief Rotimi Williams’ Chambers, as the international debt funding documentation was subject to English law.”

Gwyneth Macaulay led the team which also comprised Associate Ed Colville.

Funding for the deal was provided by a syndicate, led by Stanbic IBTC Bank PLC and The Standard Bank of South Africa, advised by the London office of Milbank and Aluko & Oyebode, the Nigerian law firm.

RPC’s other major international transaction last year was the €1.32 billion offer from SCA to acquire Georgia-Pacific’s European Tissue operations at the beginning of November 2011.

ENDS

Press enquiries

Gwyneth Macaulay, Partner
RPC
Tel: + 44 (0) 20 3060 6494

Nick Mattison or Gordon Carver
Mattison Public Relations
Tel: +44 (0) 20 7645 3636