27 April 2012
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Excelsior Shipping Company Limited (“Excelsior”) on a US$30 million loan facility provided by Standard Bank Plc (“Standard Bank”).
The facility enabled Excelsior to refinance part of the costs incurred during its acquisition of a controlling stake in Flour Mills of Nigeria Plc (“Flour Mills”), a Nigerian incorporated company at the forefront of wheat milling.
The facility was secured by a complex package of collateral including a parent company guarantee, a share charge, a call option, an accounts charge and a dividend cessation.
WFW team in Piraeus was led by partner George Paleokrassas, assisted by paralegal Irene Graff. Jan Mellmann, partner and head of Natural Resources, led the London team, assisted by solicitor Ben Kelly.
Commenting on the deal, George Paleokrassas, partner and head of WFW Greece said: “It was a pleasure to assist Excelsior in agreeing the facility with Standard Bank which will hopefully greatly assist Excelsior in maximising its investment in Flour Mills. The deal highlights WFW’s cross border corporate and financing expertise.”
Jan Mellmann, partner in WFW’s London office and head of Natural Resources said:“This transaction is another example of WFW’s capabilities in the growing commodities sector, and underpins our strength in working with expanding businesses in Africa.”