US$3.1bn capital markets deal succeed with 3 Australian firms’ help

The three firms from down under acted in tandem with nine other law firms from around the world

US$3.1bn capital markets deal succeed with 3 Australian firms’ help
Ashurst, MinterEllison, and King & Wood Mallesons (KWM) have acted in a multi-billion-dollar capital markets deal for an Australian mining company.

Tronox Limited, an Australian-incorporated, New York Stock Exchange-listed mining and inorganic chemical business, recently completed its US$450m senior notes offer and refinanced a US$2.15bn term loan and a US$550m asset-based lending (ABL) facility.

Ashurst acted for Tronox Limited and its Australian subsidiaries, which were the deal’s borrowers, guarantors, and security providers. MinterEllison acted as the Australian lender counsel, while KWM acted as counsel for outgoing ABL lenders.

The Ashurst team was led by finance partner Kenneth Nguyen, who was assisted by partners John Sartori (corporate), Ian Kellock (tax), Geoffrey Mann (tax), Lionel Meehan (restructuring and special situations), and Mark Bradley (disputes).

The deal, which had a complex cross-border element, also involved nine other law firms.

Willkie Farr & Gallagher acted as UK and US borrower counsel. Higgs & Johnson advised as Bahamas borrower counsel. Ashurst was also the Ashurst Brussels borrower counsel. Bird & Bird acted as Dutch borrower counsel. Homburger AG was the Swiss borrower counsel. Latham & Watkins was the lender group counsel. Riemer Braunstein was the ABL lender counsel. Harry B. Sands Lobosky and Company was the Bahamas lender group counsel. Loyens & Loeff N.V. acted as the Dutch lender group counsel. GHR Rechtsanwalte AG was the Swiss lender group counsel.

Nguyen said Ashurst is delighted to have assisted its longstanding client on the major refinancing, which will support the combination with Cristal’s TiO2 business in due course.

Related stories:
Top firm advises on acquisition of Australian health insurer
$1.95bn notes issuance proceeds with help from top firm

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

HSF managing partner embraces innovation and technology in a COVID-19 world

Carter Newell strengthens insurance team with new special counsel

US BigLaw firm cuts associates despite government loan

Deadline closing in for In-House Leaders 2020

Women dominate 2020 promotions at Cooper Grace Ward

HFW and KPMG ally to offer legal assistance to COVID-19-hit businesses

Most Read Articles

Clayton Utz rings in new financial year with new deputy chief executive partners

$65m equity raising for ASX-listed tech company sees completion with K&L Gates’s help

Baker McKenzie appoints seven to practice and industry leaders in APAC

Mills Oakley welcomes three to partnership in major promotion round