Transaction Experience

IZAR Ltd was transaction adviser to Forty Two Point Two on a senior secured AAA_MU bond issuance of MUR 1.8 billion in GBP and MUR denominated debt with a 4.5yr maturity. The deal offered an attractive spread to investors and gave them exposure to a AAA rated issuer that has built a resilient funding platform in Mauritius. Guided by IZAR’s debt capital markets team, Forty Two Point Two has built strong relationships with the investment community in Mauritius, and international banks in Africa. The transaction was 2.5x oversubscribed.

The issuer is rated AAA_MU by GCR Ratings and some tranches of the debt were structured to be listed on the Stock Exchange of Mauritius to cater to the requirements of the investor community.

IZAR Ltd acted as a transaction advisor for an entrepreneurial client who had established the premier direct-selling company in Mauritius. The transaction was designed to fulfill the goals of two generations within the founding family. The first generation sought to strategically divest their stake and leverage the accrued value, while also providing their children with the chance to emulate the successful path paved by the founders since 1998. To accommodate the needs of the second generation, Komodis was carved out from the transaction, intending to serve as a platform for them to implement their own growth strategy.

IZAR Ltd served as the exclusive transaction advisor to ABC Banking Corporation Ltd for the subordinated unsecured debt issuance totaling MUR 700 million, structured to qualify as Tier 2 capital under the Bank of Mauritius Guidelines on Eligible Capital. The transaction was successfully closed at an attractive spread for the issuer, who capitalized on oversubscription by increasing the deal size from MUR 500 million to MUR 700 million. This issuance, conducted as a public offer of securities, enabled the bank to engage with new investors, fostering potential long-term relationships.

The issuer holds a CARE MAU A+ rating, and the securities offering, also executed as a public offer, is listed on the Stock Exchange of Mauritius.

IZAR Ltd was transaction adviser to CIM Financial Services Ltd on a green bond issuance of MUR 1.5 billion in senior unsecured debt. The deal was closed at an attractive spread for the issuer and was also upsized from an original MUR 1 billion to capitalise on the oversubscription from investors who were attracted to the green credential of this issuer.

The issuer is rated AA and the bonds were listed on the Stock Exchange of Mauritius post issuance. This is the largest green bond issuance in Mauritius and the first one to be listed on the Stock Exchange of Mauritius.

IZAR was transaction adviser to CIM Financial Services Ltd on the issuance of a MUR 2 billion issuance of senior unsecured debt. The IZAR team advised the issuer on the transaction documentation and executed an investor roadshow that catered to the needs of some of the largest debt investors in Mauritius. The deal was closed at an attractive spread for the issuer and was also upsized to MUR 2.8 billion to capitalise on the oversubscription from investors.

As part of the mandate, IZAR liaised with and managed the discussion process with the chosen rating agency and worked with the Stock Exchange of Mauritius to have the bonds listed so as to improve their attractiveness and liquidity.

The issuer is rated AA and the bonds were listed on the Stock Exchange of Mauritius post issuance and immediately traded at a premium as some of investors that were unable to secure allocations searched for more.

Acted as transaction advisor to Forty Two Point Two for the successful issuance of GBP 30 million of secured AAA rated debt denominated in GBP via Mauritian capital markets.

The issuance took place under an existing Medium Term Note Programme that was upsized and helped manage the costs associated with the transaction.

The notes were listed on the Stock Exchange of Mauritius post issuance and are available for trading.

IZAR Ltd was appointed as the sole transaction advisor to the client who wished to sell the 50% shareholding he had in L’Artigiano.

IZAR Ltd ran a screening of potential qualifying buyers and assisted the client in sale negotiations to deliver the desired exit strategy at an attractive valuation.

Forty Two Point Two successfully issued GBP 65 million of secured debt denominated in MUR and GBP via Mauritian capital markets.

IZAR acted as transaction advisor for the issuance under an MUR 4 billion Medium Term Note Programme.

The notes were rated AAA(MU) by Global Credit Ratings Limited an the MUR tranches of this issuance will be listed on the Stock Exchange of Mauritius.

IZAR Ltd was transaction adviser to CIM Financial Services Ltd on a green bond issuance of MUR 1.5 billion in senior unsecured debt. The deal was closed at an attractive spread for the issuer and was also upsized from an original MUR 1 billion to capitalise on the oversubscription from investors who were attracted to the green credential of this issuer.

The issuer is rated AA and the bonds were listed on the Stock Exchange of Mauritius post issuance. This is the largest green bond issuance in Mauritius and the first one to be listed on the Stock Exchange of Mauritius.

A multi-currency secured debt issuance of MUR 5bln that brought together both local and foreign investors in a secured AAA rated issuance. This transaction also involved setting up a bridge facility to bypass FX illiquidity issues that Mauritius faced at the time of the transaction.

This transaction involved assisting the client in securing a AAA credit rating and then building an innovative funding strategy for The Mauritius Sugar Syndicate. This strategy resulted in a large drop in the issuers cost of funding and a 4x oversubscription in this first transaction. This structure has now become the chosen funding strategy for the issuer to borrow approximately MUR 2bn each year.

A transaction for Ducray Lenoir Investments Ltd that helped the client leverage the high quality assets on its balance sheet to secure an A credit rating and secure strong demand for a 6yr and 7yr callable bond.

A transaction that was developed and executed during the first COVID lockdown in Mauritius and was strategically brought to market immediately on reopening. This transaction of MUR 3bln in 2yr, 3yr, 5yr, and 10yr senior unsecured debt helped investors better understand the issuer as a business and its advanced credit assessment and risk management processes.

A tier two subordinated debt transaction for a bank in Mauritius. The transaction was arranged during the first COVID lockdown and executed on reopening during a time of significant stress to banks because of the NMC Healthcare fraud and default and also the level of COVID related provisions in the financial statements of banks.

The first senior unsecured bond issuance in Mauritius that was also the first transaction to be fully taken by the non-bank community. The issuance totalled MUR 2bln in 3yr and 5yr debt.

Assisted the issuer in raising MUR 500m of Tier II capital to support the growth of their balance sheet.