London—Dentons' role in Seven Energy's debt restructuring and acquisition by Savannah Petroleum was recognised at the inaugural IFLR Sub-Saharan Africa Awards 2020. The acquisition and restructuring of Nigerian gas producer Seven Energy by UK-listed oil and gas company Savannah Petroleum in 2019 was awarded Deal of the Year at the awards.

Hosted by the International Financial Law Review, the awards recognise legal innovation in cross-border transactions and were awarded after months of research and deliberation by editors and IFLR journalists.

Tim Pipe, partner in Dentons' UK Banking and Finance team, said, "We are pleased to be recognised for our work on this matter, and that through Dentons' strong experience in relation to financings in the energy sector and in advising trustees across the world, we were able to contribute to the successful completion of this highly complex transaction."

Dentons' involvement in the Seven Energy restructuring started over two years ago. UK partner Kitty Lloyd and US partner Maria Livanos were instructed to act for GLAS Trust Corporation Limited as Trustee in respect of USD$318 million 10.25% Senior Secured Notes due 2021 issued by Seven Energy Finance Limited, guaranteed by Seven Energy. Savannah Petroleum acquired 96.04% of the Seven Energy Notes as part of an Exchange Offer and Consent Solicitation launched in January 2018.

As part of the Seven Energy restructuring, Kitty Lloyd also advised GLAS Trustees Limited as Note Trustee in respect of new 6%/8/% Senior Secured Notes due 2025 issued by Accugas Holdings UK PLC (Accugas is now part of the Savannah group following the restructuring) and as Security Agent in respect of the security package granted by former Seven Energy companies in favour of a number of classes of lenders. She was assisted by associate Moeen Qayum and solicitor apprentice Hal Donovan in London, and partner David Natter and managing associate Cam Morris in New York.

Separately, UK partner Tim Pipe acted for FBNQuest Merchant Bank Limited and FBNQuest Capital Limited, the merchant banking and asset management subsidiaries of FBN Holdings Plc, which agreed to restructure two tranches of debt to former Seven Energy entities. The entire debt being restructured totalled nearly US$1 billion. He was assisted by associates Evdokia Maslennikova, Thomas Collier and Alistair Stoddart.

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