Lerato Nkanza
Biography
Overview
Lerato is a Local Partner in the Firm's Global Debt Finance practice. She specializes in debt capital markets transactions and advises on South Africa's regulatory framework relating to debt capital markets.
Lerato has significant experience in advising issuers and arrangers/dealers/underwriters across an array of debt capital markets topics. She advises clients (which include banks, corporates, financial institutions, DFIs, sovereigns, municipalities and state-owned companies) on stand-alone bond issuances, commercial paper issuances, note programmes (both establishments and updates), asset-backed securities and regulatory capital issuances. She also advises on local aspects of offerings undertaken in accordance with Reg S and Rule 144A under the United States Securities Act.
She has experience on structuring and advising on pioneering capital markets transactions in Sub-Saharan Africa (Botswana, Mauritius, Rwanda, South Africa and Zambia, to name a few).
Prior to joining White & Case, Lerato was a senior legal advisor at a large South African bank, where she was the Lead Lawyer for Group Treasury (advising Group Treasury on strategic capital raising transactions in the domestic and international capital markets and intragroup funding arrangements); provided legal guidance and advisory support to the Debt Capital Markets; and Coverage teams across Sub-Saharan Africa.
Experience
Lerato also has experience advising on equity capital markets transactions. Lerato's experience includes:
DCM
Representation of Mobile Telephone Networks Holdings Limited (as issuer and arranger) in relation to the update of the Mobile Telephone Networks Holdings Limited ZAR35 billion Domestic Medium Term Note Programme guaranteed by MTN Group Limited, Mobile Telephone Networks Proprietary Limited, MTN International Proprietary Limited and MTN International (Mauritius) Limited.
Representation of Absa Bank Limited as Issuer on the issuance of ZAR2.569 billion Green Notes under its ZAR90 billion Domestic Medium Term Note Programme. The proceeds of the Green Notes will be utilised towards financing and/or refinancing renewable energy assets.
Representation of Standard Bank Group Limited and The Standard Bank of South Africa Limited (each as issuer) on the 2022 update of their US$4 billion Euro Medium Term Note Programme.
Representation of Absa Bank Ltd., Deutsche Bank AG, London Branch, HSBC Bank plc, Nedbank Ltd. and Rand Merchant Bank as joint bookrunners on the Republic of South Africa's dual tranche issuance of US$1.4 billion in 5.875% notes due 2032 and US$1.6 billion in 7.300% notes due 2052.
Representation of The Bidvest Group (UK) Plc, a wholly owned subsidiary of The Bidvest Group Limited, on its inaugural bond offering of US$800 million 3.625% senior secured notes due 2026 issued on 23 September 2021 and listed on the London Stock Exchange's ISM. The notes are guaranteed by The Bidvest Group Limited. The joint bookrunners were Merrill Lynch International, Barclays Bank PLC, BNP Paribas, Citigroup Global Markets, Absa Bank, Rand Merchant Bank, a division of FirstRand Bank (London Branch), and Standard Bank.
Representation of Absa Group Limited as issuer on the issuance and Reg S offering of US$400 million Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2028.*
Representation of Absa Group Limited as issuer on the issuance and Reg S offering of US$500 million Fixed Rate Reset Write-Off (Additional Tier 1) Notes.*
Representation of Absa Bank Limited and Absa Group Limited, each as issuers, on the update of, and on varied senior unsecured and subordinated debt issuances (including notes the proceeds of which qualify as additional tier 1 and tier 2 regulatory capital) under, their respective Domestic Medium Term Note Programmes.*
Representation of Absa Bank Limited as issuer on the update of its Absa Master Structured Notes Programme (the Programme) for purposes of listing instruments on the Interest Rate Market of the JSE Limited and the registration of the Programme Memorandum with the JSE Limited for purposes of listing instruments on the Main Board of the JSE Limited.*
Representation of Absa Bank Limited (acting through its Corporate and Investment Banking division) as manager on varied senior unsecured, guaranteed debt issuances by Mercedes-Benz South Africa Limited, Toyota Financial Services (South Africa) Limited, Mobile Telephone Networks Holdings Limited, Growthpoint Properties Limited and others.*
Representation of International Finance Corporation (member of the World Bank Group) on the inward listing of its Global Medium Term Note Programme on the JSE Limited and the issuance of ZAR1 billion Green Notes listed on the JSE.*
Representation of the Government of the Republic of Namibia, acting through the Namibian Minister of Finance (as issuer) and Absa Bank Limited (acting through its Corporate and Investment Banking division) and FirstRand Bank Limited (acting through its Rand Merchant Bank division) (each as arrangers and dealers) on the establishment of its ZAR Medium Term Note Programme and the debut issue Notes listed on the JSE.*
Representation of Absa Bank Limited (acting through its Corporate and Investment Banking division), Vunani Capital Holdings Proprietary Limited, Deutsche Bank AG, Johannesburg Branch, Quartile Capital Proprietary Limited, Infrastructure Finance Corporation Limited, Nedbank Limited, FirstRand Bank Limited, IDG Financial Services Investments Proprietary Limited, Standard Bank of South Africa Limited and Basis Points Capital Proprietary Limited (as Arrangers) on the establishment by the City of Johannesburg of its ZAR13 billion amended and restated Domestic Medium Term Note Programme and the issue of various notes under the Programme (including provision of advice on the applicable provisions of the Municipal Finance Management Act).*
Representation of a South African Bank on varied asset-backed securities offerings by ring-fenced issuers.*
Representation of Absa Capital Markets Nigeria Limited as a joint lead issuing house on the establishment by Dangote Cement Plc of its NGN300 billion debt issuance programme and the issue of the debut Series 1 Bond listed on the Nigerian Stock Exchange.*
Representation of Absa Capital Markets Nigeria Limited as an issuing house on the issue by United Capital Plc of NGN10 billion Bond listed on the Nigerian Stock Exchange under its Bond Issuance Programme.*
ECM
Representation of Absa Bank Limited (acting through its Corporate and Investment Banking division) as a joint global coordinator and joint underwriter for the ZAR3.95 billion rights offer by The Foschini Group.*
Representation of Absa Bank Limited (acting through its Corporate and Investment Banking division) as a joint bookrunner for the ZAR4.3 billion raised by Growthpoint Properties Limited via an accelerated bookbuild.*
General Lending
Representation of the International Finance Corporation (IFC), French Development Agency subsidiary Proparco, DEG, the German Development Finance Institution, and the U.S. International Development Finance Corporation (DFC) on an aggregate of €600 million in loans to be advanced to Aspen Finance Proprietary Limited, a member of the global pharmaceutical group, Aspen Pharmacare.
