06 April 2016 I Deals and Cases

Bär & Karrer advises African Bank Limited on its Successful Restructuring and Re-launch

As part of its comprehensive corporate restructuring, Residual Debt Services Limited (formerly known as African Bank Limited (in curatorship)) has successfully completed its voluntary exchange offer launched on 4 February 2016 to various classes of its creditors. In the context of the exchange offer, senior creditors exchanged their existing debt for corresponding instruments newly issued by the new African Bank Limited.

In connection with the exchange offer, the new African Bank Limited has, inter alia, successfully issued and listed on SIX Swiss Exchange CHF 120 million 4.75% senior notes, CHF 100 million 4.0% senior notes, CHF 84 million 5.5% senior notes and CHF 140 million 5.0% senior notes issued under its USD 6 billion Euro Medium Term Note Programme established on 4 April 2016. In turn, Residual Debt Services Limited has delisted its four outstanding CHF senior notes from SIX Swiss Exchange.

Bär & Karrer acted as Swiss counsel and listing agent to African Bank Limited and Residual Debt Services Limited. The team was led by Till Spillmann and included Andrea Giger, Christian Kunz and Annina Dillier (all Capital Markets) as well as Daniel Lehmann and Michael Abegg (both Tax).