Smile Telecom Restructuring

GLAS Appointed Facility Agent and Security Agent on Smile Telecom Restructuring

June 2021, London

GLAS has recently been appointed Facility Agent and Security Agent on the US$50 million super senior new money injection to Smile Telecom Group in relation to the financial restructuring of the company and its subsequent implementation through a restructuring plan under part 26A of the English Companies Act 2006.

Smile Telecom is a Mauritius-based pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania, the Democratic Republic of the Congo, and South Africa.

“We are delighted to be appointed on this monumental transaction, as this restructuring plan was the first for an African business” says Mia Drennan.

The GLAS deal team comprised of Mia Drennan and Aric Kay-Russell (Debt Capital Markets), and were advised by DLA Piper, particularly David Ampaw and Sarah Archer.

About GLAS

Global Loan Agency Services Limited was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market. GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of EUR 100bn of assets under administration on a daily basis. For more information, please contact