Slaughter and May is advising Atlas Mara Limited (“Atlas Mara”) on its strategic financing agreement with Fairfax Africa Holdings Corporation (“Fairfax Africa”) to raise US$200 million for the acquisition of additional equity interests in Union Bank of Nigeria Plc (“UBN”) and to scale its Markets and Treasury and Fintech business lines.10 Jul 2017
Slaughter and May is advising Atlas Mara on its strategic financing agreement with Fairfax Africa. The strategic investment will be used to support Atlas Mara's growth initiatives and will be anchored by $200 million of new capital from Fairfax Africa and existing shareholders of the Company, comprising of:
- a $100 million equity offering of new ordinary shares at a price of $2.25 per share. Qualifying existing Atlas Mara shareholders will be invited to participate in the equity offering by way of an open offer alongside Fairfax Africa, which will serve as the committed underwriter of the equity offering; and
- and a $100 million mandatory convertible bond to be issued to Fairfax Africa, which will convert into new ordinary shares upon the closing of the open offer.
The proceeds of the strategic financing are primarily intended to support Atlas Mara’s commitment to UBN and Nigeria and to fund (1) the acquisition of an additional equity interest in UBN, (2) Atlas Mara’s subscription of its pro rata entitlements under a forthcoming rights issue announced by UBN, (3) and further expansion of the Atlas Mara group's strategic business lines of Markets and Treasury and FinTech.
Slaughter and May is supporting the general counsel of Atlas Mara, Beatrice Hamza Bassey.
Corporate: Richard Smith (partner), Tim Boxell (partner), Ben Magahy (associate), Dominic Brown (associate), Nick Pacheco (associate); Financing: Andrew Chaplin (associate), Harry Bacon (associate); Tax: Gareth Miles (partner), Homyar Pahlan (associate); Financial Regulation: Nick Bonsall (partner), Sjoerd van der Zwaag (associate)
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