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Alex Cullinan



Alex Cullinan
Alex Cullinan



Alex is a Counsel in the Johannesburg office and specialises in cross-border banking and finance transactions. She is experienced in both the South African and European markets, and has acted for banks and borrowers on domestic and cross-border deals. She has also worked on large international restructuring transactions. Alex was admitted as an Attorney of the High Court of South Africa in 2010. She completed her qualified lawyer transfer scheme qualification in early 2017 and was admitted to the roll of solicitors in England and Wales in January 2018. Her major clients include Standard Bank, FirstRand Bank Limited (acting through its Rand Merchant Bank division), Citibank, Deutsche Bank, JP Morgan, Absa Bank Limited and Virgin Active South Africa Proprietary Limited.


Domestic deals:

Standard Bank (South Africa) as Mandated Lead Arranger, Underwriter and Bookrunner in connection with the acquisition by Famous Brands Limited of GBK Restaurants Limited.

Rand Merchant Bank (South Africa) in financing the acquisition by Steinhoff of Pepkor. This was the largest ever acquisition deal in the South African market.

Standard Bank (South Africa) as arranger and underwriter in respect of the ZAR2.7bn senior facilities and ZAR1.2bn equity bridge facility to be provided to Oceana Group Limited.

Rand Merchant Bank and Standard Bank (South Africa) as mandated lead arrangers, underwriters, bookrunners and original lenders in connection with ZAR4.852bn Senior Secured Term Loan and Working Capital Facilities for Virgin Active South Africa (Pty) Ltd to refinance existing indebtedness of the Virgin Active South Africa Group.

Absa Bank (Corporate and Investment) (South Africa) in connection with a ZAR1.5bn revolving credit facility for Woolworths (Pty) Ltd.

Rand Merchant Bank and Absa Bank (South Africa) as arrangers in connection with the funding of a ZAR4.65bn BEE acquisition transaction for Belelani Capital (Pty) Ltd.

Investec on the refinancing of a ZAR300m facility for Lucky Star Limited.

Rand Merchant Bank on a Revolving Credit Facility provided to Capitalworks Private Equity SP GP Proprietary Limited to cater an acquisition facility.

Virgin Active South Africa Proprietary Limited on amendments to the South African Loan Facilities Agreement.

Rand Merchant Bank on the preparation of release documents for the repurchase of Primedia shares.

The Standard Bank of South Africa Limited on amendments to the existing ZAR10bn Senior Facilities Agreement for Woolworths Limited.

The Standard Bank of South Africa Limited and Nedbank Limited as Mandated Lead Arrangers on a ZAR3,5bn Credit Facility for Imperial Holdings Limited and a ZAR7bn Credit Facility for MOTUS Group Limited.

International deals:

BMCE Bank International PLC on a EUR35m syndicated term loan facility agreement for Mota-Engil Engenharia E Construção África, S.A.

The Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking division) on a USD21,747m development and term facilities provided to Krystal Investments Limited for the financing of the development and construction of an office and retail centre in Nairobi, Kenya.

Telia Company AB (publ) in connection with the refinancing of its 2010 and 2014 revolving credit facilities.

Bank of Tokyo-Mitsubishi UFJ, Limited in connection with a EUR750m revolving credit facility for Urenco Limited.

Citi and Deutsche Bank (UK) in connection with an EUR1bn facility for Japan Tobacco.

Intesa Sanpaolo (London Branch) in respect of two real estate acquisition (2015 and 2016) facilities provided to Oly Development Limited and Oly Development 3 Limited.

KONE Corporation as borrower in connection with EUR800m facility provided by Citigroup Global Markets Limited and Nordea Bank Finland plc as arrangers.

Bank of Tokyo-Mitsubishi UFJ, Limited and other arrangers in connection with a GBP600m facility for the London Stock Exchange Group plc.

TEO LT AB as borrower in connection with EUR150m facility with Skandinaviska Enskilda Banken AB (publ) as agent.

Life Healthcare Group Holdings on its GBP600m acquisition of Alliance Medical Group.

Bank of Tokyo-Mitsubishi on a US$750m facility agreement with LSEG plc.

Gemcorp Capital (as lender) on the extension of its existing USD12.5m acquisition financing facility for Sacoil Holdings.

JPMorgan Chase Bank and Commerzbank Aktiengesellschaft as Mandated Lead Arrangers on a EUR350m Revolving Credit Facility for Imperial Holdings Limited.

Gemcorp Capital LLP on a USD35m loan to Caldera Energy Holdings Limited for the construction costs of an oil refinery in Liberia.


International deals:

Lenders in connection with the restructuring of the Drydocks World LLC (Dubai).

The Co-ordinating Committee in connection with the restructuring of Turkish telecommunications company Ojer Telekomünikasyon A.Ş. (ongoing).

Akbank T.A.S., Turkiye Garanti Bankasi A.S., Turkiye Isbankasi A.S. and Deutsche Bank, London Branch (together, the Co-ordinating Committee) and other creditors on a USD5bn financial restructuring of Ojer Telekomünikasyon A.Ş. which holds a controlling stake in the Turkish telecommunications company Türk Telekomünikasyon A.Ş.  This was the largest restructuring transactions in Turkish history.

News & insights

View of an airplane from the departure lounge in an airport

Publications: 05 MARCH 2021

Podcast: How does a material adverse change clause work in these uncertain times?

The enforceability of material adverse change clauses (“MAC clauses”) in commercial contracts is an area which has come under increased scrutiny in the wake of the Covid-19 pandemic.

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image through building windows

Publications: 05 MARCH 2021

Key Regulatory Topics: Weekly Update 19-25 February 2021

Our weekly update on key regulatory topics affecting the financial services sector. If you would like to receive this update by email and be added to our marketing mailing list please contact…

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How EasyMile is tackling the under-30mph market and the impact of the pandemic on the autonomous vehicle industry

Publications: 05 MARCH 2021

Pre-pack administration: control over pre-packs looks set to tighten further

As we stand looking into the abyss of another financial crisis, the UK government looks set to further tighten the screw to control pre-packaged sales to connected parties. 

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Allen & Overy graphic

Publications: 03 APRIL 2020

Covid-19 coronavirus: virtual and e-signings under South African law

With the current Covid-19 lockdowns restricting the mobility of signatories on a global scale, virtual and e-signings are hot topics.

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Banking and Finance


Financial Institutions



Allen & Overy (South Africa) LLP
6th Floor, 90 Grayston, 90 Grayston Drive, Sandton

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Admitted as a solicitor of England and Wales, 2018

Admitted as attorney, Republic of South Africa, 2010


LLM, University of Cape Town, 2009

LLB, University of Cape Town, 2007