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Aria Grace Law advises on USD994K senior leveraged secured consumer receivables financing in Kenya

Updated: Jun 24

We acted as transaction counsel to Benvell HK Limited ("Benvell"), a Hong Kong based investment vehicle, on the English law governed USD995,000 senior leveraged secured consumer receivables financing to a Kenyan-based distributor of solar home systems to off-grid communities on a lease-to-own basis, Pawame Holding Limited and Pawame Kenya Limited ("Pawame").


Aria Grace Law Partner, Beata Dunn, played a leading role in structuring, drafting and negotiating all finance and security documents. She worked closely with Kenyan law firm, Ondaba & Partners who advised on a Kenyan law security and all local law registrations. The transaction will put Pawame’s capital-intensive business on track to pursue a vision of lighting up 200,000 households in the next 5 years, which will in turn have a significant social impact in Kenya. Aria Grace Law remains committed to help businesses like Benvell and Pawame as this aligns with our mission to develop an #EthicalWorld.


Stephen Lake, founder of Benvell, has commented,“In what turned out to be a very complex transaction across multiple jurisdictions Beata and Aria Grace Law worked tirelessly and comprehensively to get it over the line. This was our second transaction but the first involving Kenyan registered security, a trust account and cash flow management documentation along with a Dubai based head office for the borrower. Whilst the transaction parties operate in different time zones, Beata ensured that the negotiation progressed as smooth as possible; helped us to find the most suitable solutions from due diligence through to completion. Beata closely supervised and directed local lawyers, was able to familiarise herself with local law requirements and address these in the transaction documents. Through Aria Grace Law we have all benefitted from top-quality lawyers for a very competitive price. A big thank you to Beata whose attention to detail and management of multiple jurisdictions and counterparties was invaluable. We would certainly recommend her and Aria Grace Law”.


Aria Grace Law


We assist companies, private investors, wealth investment managers, prime brokerage firms and other financial institutions wherever they are in the business lifecycle. This could be at concept, seed, start-up or scale-up stage; we want to grow with your business, prepare materials for potential investors, agree term sheets, work on the best financing strategies and draft documents to raise capital. We provide ad-hoc hourly remote support across a multiple disciples.

Please note that we can also give you ad-hoc guidance in light of #coronavirus. A prolonged outbreak of the coronavirus would hurt the asset quality and profitability, and we have responded to some queries related to margin calls, interpretation of force majeure claims in the relevant wording of the contracts, waivers or amendments to events of default, performance or rating triggers in trading transaction documents and material adverse change clauses in loan and security documents. At the same time, we have looked at contracts whilst also assisting in analysing the impact of any new fiscal stimulus, new types of quant easing policy, the removal of macro-prudential measures or rate cuts and any change in laws.


If you would like to find out more or instruct us to help you, please contact us on info@aria-grace.com


General Update by Beata Dunn – Partner at Aria Grace Law 11.03.2020


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