A multi-disciplinary team from Addleshaw Goddard's Africa Business Group has advised development finance institutions CDC Group and FinnFund on a significant equity fundraising carried out by investee company Miro Forestry Developments Limited.
Miro Forestry, one of the largest sustainable forestry and timber products business in West Africa with plantations in Ghana and Sierra Leone, carried out the fundraising from existing and new shareholders, as well as a restructuring of all its existing debt.
The new financing will be used to fund the company's business plan through to 2030, which includes expanding its planted area of over 17,000 hectares of eucalyptus, acacia, gmelina and teak, easing pressure on the over-used natural forest resources in the regions where it operates. Its plans also include building industrial facilities to covert this new steady stream of wood into high value added products such as plywood and poles, sequestering a total of approximately 10mln tons of CO2, and creating over 2.000 jobs in Ghana and Sierra Leone.
Addleshaw Goddard's team was led by partner Chris Taylor, with John Coleman, Chris Benjamin, Louisa Pini and Matt Barnes. Paul Concannon provided tax advice.
Chris Taylor, head of the firm's Africa Business Group, comments: "We are delighted to have been able to support CDC and FinnFund on this time critical refinancing which puts Miro in a great position to achieve its plans for this important and developing market"