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Gilles Athaw

Partner | Moka

Gilles-Athaw

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T: +230 460 5959

Overview

Gilles Athaw is a partner and heads the Banking & Finance practice of our Mauritius office.

Cumulating over 19 years’ experience in the field of corporate and commercial law, Gilles has advised a significant number of financial institutions and corporations, focusing mainly on cross border financing and general finance.

He has an LLB(Hons) degree from the University of Buckingham and a Post Graduate Diploma in Law from the City University. Gilles also holds a certificate of competency in Cryptocurrency and Disruption from The London School of Economics.

Experience

Capital Markets

  • Advised Innodis Ltd, a public company, listed on the Stock Exchange of Mauritius on the structuring and listing of a MUR 800 Million fixed and floating rate bonds issue.
  • Advising Investec Bank (Mauritius) Limited in respect of the listing of Medium Term Note and Preference Share Programme on the Stock Exchange of Mauritius and on the Johannesburg Stock Exchange (JSE)*;
  • Advising Bhira Investments Limited (part of the Tata Group of companies) on a USD 450,000,000 fixed to floating Rate Subordinated Notes for listing on international exchanges*;
  • Advising Lodha Developers International Limited on the issue of a USD 200,000,000 Senior Notes issue*;
  • Advising FTG Holdings Limited, part of the FlameTree Group on the introduction of its ordinary shares on the Growth Enterprise Market Segment of the Nairobi Securities Exchange*.
  • Advising on the listing of Rockcastle on the primary listing of its shares on the Stock Exchange of Mauritius and on the secondary listing of its shares on the Alternative Exchange of the JSE*;
  • Advising on the listing of Astoria Investments Ltd on the primary listing of its shares on the Stock Exchange of Mauritius and on the secondary listing of its shares on the JSE*;
  • Advising on Brainworks Capital Management Limited on the primary listing of its shares on the Stock Exchange of Mauritius*;

Acquisition Finance

  • Advised the Atiko Group Ltd, as borrower in respect of the debt financing of USD 297 Million for the acquisition of a French owned group of companies, including JA Delmas, the current distributor of Caterpillar equipment, operating in 11 West African countries.
  • Advised Natixis as Mandated Lead Arranger, Facility Agent and Security Agent for the benefit of a pool of lenders in respect of a Term, Capex and Revolving Credit Facilities Agreement for an amount of USD 724 Million, granted to the borrower for the purposes of financing or refinancing amounts in connection with the acquisition of Energy Infrastructure Holdings S.à r.l.

General Finance

  • Advised The Mauritius Commercial Bank (MCB) in respect of a Revolving Credit Facility of USD 50 Million, granted to Gateway Fund II, L.P, acting through its general partner, Gateway Partners II Limited as borrower.
  • Acted as Mauritius Counsel for Ninety One SA (Pty) Ltd and The Emerging Africa Infrastructure Fund in relation to a debt financing of Paratus Group Holdings Limited for the purposes of financing was the group’s fibre optics business expansion in view of introducing reliable internet services across three sub-regions in Africa.

Debt Restructuring

  • Advised RMB on the debt restructuring to AttAfrica Limited and its shareholders involving a four parts financing for its commercial property assets across Ghana and Nigeria, including the Ikeja City Mall, Accra Mall, West Hills Mall and the Kumasi City Mall.
  • Advised Stanbic Bank Kenya Ltd and The Standard Bank of South Africa Ltd in relation to the full restructuring of a USD 98 million secured financings originally provided to Two Rivers Lifestyle Centre Limited for the development of the Two Rivers Mall in Kenya, being the largest shopping centre in East Africa.

ESG

  • Advised Inside Capital, a Private Equity Fund which invests mainly in ESG companies in the structuring of its investment in the largest recyclable paper waste aggregator and exporter in Mauritius.
  • Advised WeCycle Ltd, a leading paper waste collection and recycling company in the preparation, negotiation and execution of various waste collection contracts, joint venture agreements and technical agreements catering for the expansion of the activities in Mauritius.
  • Advised Inside Capital in structuring its investment in a leading Zambian company specialising in the recycling of plastic waste (PET).
  • Advised the main investor in structuring the capital injection and financing to the development of an ecologically sustainable PDS, which has one of its main goal as an ecologically sustainable development project, by integrating itself in its natural surroundings without creating any disruption in the cycle by taking full advantage of the freely available natural sources of energy.

Energy

  • Advised the sponsors, a joint venture between the Sugar Investment Trust of Mauritius and the Qair group, on the setting up of the first wind farm in Mauritius, of a capacity of 10 MW*
  • Advised Synnove Energy Corporation LLC on the setting up of a 12MW solar farm project in Mauritius*
  • Advising on the initial structuring for a 14MW Waste to Energy project in Mauritius*

Hospitality

  • Advised Newmark Hotels on the financing for the refurbishment of the Mystik hotel in Mauritius and establishing the management agreement.
  • Advised Grit Real Estate Income Group in respect of its financing and acquisition of 49% in a special purpose vehicle which holds 3 luxury hotels in Mauritius, initially owned by New Mauritius Hotels

* Experience prior to joining Bowmans (Mauritius)

Awards

  • Chambers and Partners ranked Gilles in Band 2 for his work in Banking & Finance in 2024.
  • IFLR1000’s Financial and Corporate Guide rated Gilles as Highly Regarded for his work in Capital markets, Restructuring and insolvency, Banking, Financial restructuring, Project Finance and M&A, particularly within the Financial Services sector for nine consecutive years (2013 to 2022).

‘We worked with Gilles Athaw and we found him quite impressive.’ – Chambers and Partners, 2024

‘He is very knowledgeable and available.’ – Chambers and Partners, 2024

‘Gilles Athaw can break down the legalese and he guides us very well.’ – Chambers and Partners, 2024

AREA OF EXPERTISE

Qualifications

  • LLB(Hons) degree from the University of Buckingham.
  • Post Graduate Diploma in Law from the City University.
  • Certificate of competency in Cryptocurrency and Disruption from The London School of Economics.

INSIGHTS

Overview

Gilles Athaw is a partner and heads the Banking & Finance practice of our Mauritius office.

Cumulating over 19 years’ experience in the field of corporate and commercial law, Gilles has advised a significant number of financial institutions and corporations, focusing mainly on cross border financing and general finance.

He has an LLB(Hons) degree from the University of Buckingham and a Post Graduate Diploma in Law from the City University. Gilles also holds a certificate of competency in Cryptocurrency and Disruption from The London School of Economics.

Experience

Capital Markets

  • Advised Innodis Ltd, a public company, listed on the Stock Exchange of Mauritius on the structuring and listing of a MUR 800 Million fixed and floating rate bonds issue.
  • Advising Investec Bank (Mauritius) Limited in respect of the listing of Medium Term Note and Preference Share Programme on the Stock Exchange of Mauritius and on the Johannesburg Stock Exchange (JSE)*;
  • Advising Bhira Investments Limited (part of the Tata Group of companies) on a USD 450,000,000 fixed to floating Rate Subordinated Notes for listing on international exchanges*;
  • Advising Lodha Developers International Limited on the issue of a USD 200,000,000 Senior Notes issue*;
  • Advising FTG Holdings Limited, part of the FlameTree Group on the introduction of its ordinary shares on the Growth Enterprise Market Segment of the Nairobi Securities Exchange*.
  • Advising on the listing of Rockcastle on the primary listing of its shares on the Stock Exchange of Mauritius and on the secondary listing of its shares on the Alternative Exchange of the JSE*;
  • Advising on the listing of Astoria Investments Ltd on the primary listing of its shares on the Stock Exchange of Mauritius and on the secondary listing of its shares on the JSE*;
  • Advising on Brainworks Capital Management Limited on the primary listing of its shares on the Stock Exchange of Mauritius*;

Acquisition Finance

  • Advised the Atiko Group Ltd, as borrower in respect of the debt financing of USD 297 Million for the acquisition of a French owned group of companies, including JA Delmas, the current distributor of Caterpillar equipment, operating in 11 West African countries.
  • Advised Natixis as Mandated Lead Arranger, Facility Agent and Security Agent for the benefit of a pool of lenders in respect of a Term, Capex and Revolving Credit Facilities Agreement for an amount of USD 724 Million, granted to the borrower for the purposes of financing or refinancing amounts in connection with the acquisition of Energy Infrastructure Holdings S.à r.l.

General Finance

  • Advised The Mauritius Commercial Bank (MCB) in respect of a Revolving Credit Facility of USD 50 Million, granted to Gateway Fund II, L.P, acting through its general partner, Gateway Partners II Limited as borrower.
  • Acted as Mauritius Counsel for Ninety One SA (Pty) Ltd and The Emerging Africa Infrastructure Fund in relation to a debt financing of Paratus Group Holdings Limited for the purposes of financing was the group’s fibre optics business expansion in view of introducing reliable internet services across three sub-regions in Africa.

Debt Restructuring

  • Advised RMB on the debt restructuring to AttAfrica Limited and its shareholders involving a four parts financing for its commercial property assets across Ghana and Nigeria, including the Ikeja City Mall, Accra Mall, West Hills Mall and the Kumasi City Mall.
  • Advised Stanbic Bank Kenya Ltd and The Standard Bank of South Africa Ltd in relation to the full restructuring of a USD 98 million secured financings originally provided to Two Rivers Lifestyle Centre Limited for the development of the Two Rivers Mall in Kenya, being the largest shopping centre in East Africa.

ESG

  • Advised Inside Capital, a Private Equity Fund which invests mainly in ESG companies in the structuring of its investment in the largest recyclable paper waste aggregator and exporter in Mauritius.
  • Advised WeCycle Ltd, a leading paper waste collection and recycling company in the preparation, negotiation and execution of various waste collection contracts, joint venture agreements and technical agreements catering for the expansion of the activities in Mauritius.
  • Advised Inside Capital in structuring its investment in a leading Zambian company specialising in the recycling of plastic waste (PET).
  • Advised the main investor in structuring the capital injection and financing to the development of an ecologically sustainable PDS, which has one of its main goal as an ecologically sustainable development project, by integrating itself in its natural surroundings without creating any disruption in the cycle by taking full advantage of the freely available natural sources of energy.

Energy

  • Advised the sponsors, a joint venture between the Sugar Investment Trust of Mauritius and the Qair group, on the setting up of the first wind farm in Mauritius, of a capacity of 10 MW*
  • Advised Synnove Energy Corporation LLC on the setting up of a 12MW solar farm project in Mauritius*
  • Advising on the initial structuring for a 14MW Waste to Energy project in Mauritius*

Hospitality

  • Advised Newmark Hotels on the financing for the refurbishment of the Mystik hotel in Mauritius and establishing the management agreement.
  • Advised Grit Real Estate Income Group in respect of its financing and acquisition of 49% in a special purpose vehicle which holds 3 luxury hotels in Mauritius, initially owned by New Mauritius Hotels

* Experience prior to joining Bowmans (Mauritius)

Awards

  • Chambers and Partners ranked Gilles in Band 2 for his work in Banking & Finance in 2024.
  • IFLR1000’s Financial and Corporate Guide rated Gilles as Highly Regarded for his work in Capital markets, Restructuring and insolvency, Banking, Financial restructuring, Project Finance and M&A, particularly within the Financial Services sector for nine consecutive years (2013 to 2022).

‘We worked with Gilles Athaw and we found him quite impressive.’ – Chambers and Partners, 2024

‘He is very knowledgeable and available.’ – Chambers and Partners, 2024

‘Gilles Athaw can break down the legalese and he guides us very well.’ – Chambers and Partners, 2024

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