Tsogo Sun

Nedbank CIB’s Leveraged and Diversified Finance team was appointed as debt co-ordinator to facilitate the R14 billion refinancing of Tsogo Sun Gaming business, post the unbundling and separate listing of the hotel business from Tsogo Sun. As part of the debt co-ordinator role, the Debt Capital Markets team was awarded the mandate to establish a domestic medium-term note programme together with a ratings advisory mandate.

By providing a bespoke solution, via a combination of bank funding and the DCM, the overall funding structure significantly reduced costs and increased flexibility for Tsogo Sun Gaming. As a result, Nedbank CIB delivered the first of its kind deal in South Africa. In addition to the refinancing, Nedbank retained its position of primary banker to the group.