Deals - Dec 20, 2023

Asafo & Co. advised a consortium led by Invictus Capital & Finance and KF Titrisation in their roles as Arranger and Securitization Management Company, respectively, to structure on behalf of Sonatel, its Fond Commun de Titrisation de Créances (FCTC Sonatel), a debt securitization fund.

Sonatel, a leading telecommunications group in the WAEMU zone (Orange Group), launched a securitization program, FCTC Sonatel, on December 14. The FCTC Sonatel consists of two simultaneous securitization bond issuances, primarily aimed at financing the acquisition of a 5G license, the maintenance and extension of its mobile network and internet coverage in Senegal, the Group’s largest market in terms of volume and value.

The program, the first of its kind in the telecommunications sector in the region, will establish an alternative funding source enabling Sonatel to strengthen its market leadership position and expand its business activities in the region.

Benoît Diouf (Of Counsel), a securitization expert, led the Asafo & Co. team advising Invictus Capital & Finance and KF Titrisation. He was supported by Jamal Fofana (Corporate Finance Partner), as well as associates Marie-Désirée Koutouan and Emmanuel Tiecoura.