Announcement (Press Release) - Member Firm
TerraLex Member Firm Chief Rotimi Williams' Chambers 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 the 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.
Chief Rotimi Williams' Chambers collaborated with English Member Firm RPC. 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.
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.
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Tim Brown
Reynolds Porter Chamberlain LLP
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