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Publish Date : 12-Jul-2016

An unknown boutique financier is appointed by the board of South African Airways (SAA) to advise it on the restructuring of its R15-billion debt and to raise the funding in return for a R256-million success fee.

Johannesburg-based BnP Capital was first selected transaction adviser in March ahead of several other bidders together with Nedbank and Deloitte.

It was awarded the contract then in May to urgently raise the finance itself after a round robin resolution by the board which waived tender procedures despite advice from SAAs own treasury that the service could be provided for far less.

The arrangement will observe BnP Capital score a success fee of 1.5% of funds sourced plus VAT calculated to be R256m.

On the basis of market information SAAs treasury had estimated that at most transaction fees would be R85m.

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