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Banking and Finance

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Our services

Banking and Finance

Our Banking and Finance practice team provides legal support to a variety of parties in the financial services sector.

We act for and advise our clients in many thematic areas as highlighted below:

✎ Advising Bandwidth and Cloud Services Group Holdings (BCS), a leading telecommunications infrastructure company with operations in Kenya,Uganda, Rwanda Burundi, the Democratic Republic of Congo, Ethiopia, South Sudan and Zambia in convertible loan financing of up to USD 15 million for its subsidiary BCS Zambia. This is a cross border financing by one of the largest Big Tech entities, Facebook Inc lending to BCS Zambia through its affiliate entity JML Limited based in the United Kingdom.

✎  Acting for Triple Edge Media Limited in connection with the financing from Trace Eastern Africa Limited in an amount of KES 20,000,000 (approximately USD 200,000) to finance the takeover of an existing facility of the borrower with Stima Savings and Credit Cooperative Society Limited.

✎  Acting for Better Place International, a US incorporated not for profit organization in connection negotiating the terms of a construction and medical tourism relay facility in the sum of USD 38 million from the African Export Import Bank to enable BPI to construct a modern affordable housing in Kilifi county.

✎  Acting for a Kenyan obligor in connection with several trade financing transactions in the value of USD 13 million involving several counter parties located in offshore jurisdictions. Scope of work include drafting and negotiating the underlying trade documentation, negotiating the terms of the letter of credit facility with the local issuing bank as well as the issuing bank and providing general legal support to the client to safeguarding the client’s interest at all times.

✎  Acting for a South African lender in connection withfinancing of a leading investment company in the East African region in a maximum principal amountof USD 75 million. Undertaking legal due diligence on the borrower, its subsidiaries within the region and its business portfolio.

✎  Drafting and negotiating an LMA facility agreement, the security package including security over the borrower’s custody and proceeds investment accounts. Leading and coordinating the transaction work done by local counsels’ in Tanzania and Mauritius and overseeing the financial close;

✎  Acting for a subsidiary of a London incorporated international bank and theparent company in connection with ajoint financing of a Kenyan subsidiary of a Nigerian incorporated investment companyin the sum of USD 40 million. Scope of work included: preparing a Kenyan law governed facility agreement, drafting, negotiating and settling the transaction security documents, coordinating the collecting and collation of the conditions precedent and perfecting the security documents;

✎  Acting for a subsidiary of a London incorporated international bank and the parent company in connection with a joint financing of a Kenyan subsidiary of a Nigerian incorporated investment company in the sum of USD 40 million. Scope of work included: preparing a Kenyan law governed facility agreement, drafting, negotiating and settling the transaction security documents, coordinating the collecting and collation of the conditions precedent and perfecting the security documents;

✎  Acting for a Kenyan lender in connectionwith financing of a mining company incorporated in the Democratic Republicof Congo (DRC). Leading the transaction from Kenya and coordinating the workundertaken by local counsel in DRC and United Arab Emirates (UAE). Preparing USD 22 million LMA English law governedfacility agreement. Advising, preparing and negotiating a security trustee agreement between the Kenyan based lender and its subsidiary in DRC appointing the DRC lender to hold transaction security documents on behalf of the Kenyan lender;

✎  Acting as local counsel for a syndicate of lenders based in Mauritius, South Africa and United Kingdom in connection with amendment, increase and restatement of existing finance arrangements, accession of new obligors (including a Kenyan entity) and provision of new security by Kenyan entities to secure the enhanced facility amounts. Scope of work included: reviewing USD 250 million amendment and restatement agreement from a Kenyan law perspective; coordinating and collecting all the necessary conditions precedents from the Kenyan obligors, preparing a capacity and enforceability opinion;

✎  Providing legal advice to a US digital lender that has footprints in Kenya in connection with a fundraising round of USD 30 million. Scope of work included: acting as local counsel in Kenya in negotiating the transaction documents from a Kenyan law perspective; advising on the Kenyan law applicable to assignment of receivables by way of a true sale; advising on the tax law implications of receivables finance and secured transactions law applicable to registration of assignment of receivables;

✎  Acting for lenders based in Cayman Islands and Mauritius in connection with financingof a Kenyan entity operating in the energysector to finance construction of LPG facility in Kenya. The scope of work included: preparing USD 49 million LMA English law governed facility agreement; preparation the security package to be provided by entities in Kenya and Mauritius; coordinating the scope of work undertaken in Mauritius by the Mauritius local counsel, coordinating the collection of the required conditions precedent and preparing the completion legal opinion;

✎  Advising a Swiss based international financial institution on the Kenyan legal and regulatory requirements relating to collateral assignment of life insurance policies by an entity incorporated in Kenya.

✎  Acting for arrangers and issuer of a medium term note programme in an aggregate amount of KES 5 billion to be utilized by the issuer to on lend to project development entities for purposes of financing student housing development in Kenya.

Scope of work included: preparing thenote transaction documents and security documents, undertaking legal due diligence; coordinating with Mauritius and UK counsels; negotiating the transaction documents; attending to regulatory approvals and providing general transaction advice; and

✎  Acting for Swiss, US and UK based impactinvestment lenders in connection with the preparation, negotiation of transaction documents relating to impact investments in social enterprises in Kenya.

For more information on MWC’s expertise on Banking and Finance, please contact Peter Mwaura at pmwaura@mwc.legal.