The deal continues years of collaboration between the firm and its client
Ashurst has worked on a major acquisition and refinancing in the resources sector.
The global firm advised Champion Iron on its acquisition of the remaining shares in Québec Iron Ore (QIO) from Québec Iron Resources, the investment arm of the Québec government.
The acquisition of the remaining 36.8% of QIO was valued $235m, the firm said. QIO, now 100% owned by the ASX-listed Champion Iron, owns and operates the Bloom Lake Mine in the Labrador Trough in Québec, Canada.
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Ashurst said that Caisse de dépôt et placement du Québec provided CA$185m ($205m) in funding to QIO via a preferred stock offering. The Bank of Nova Scotia and Société Générale provided a fully-underwritten US$200m ($295m) debt package to QIO.
The most recent deal continued Ashurst’s work for Champion Iron. It also advised the company in its initial acquisition of its QIO stake and Bloom Lake Mine in 2016. It also advised on the bridge finance to restart the Bloom Lake Mine. Ashurst also advised on the CA$300 master financing to fund the start of works at the mine.
Partner Stuart Dullard headed the Ashurst team. He was supported by senior associate Jason Maletic. Global loans partner Brenton Key and senior associate Elly Ko provided advice on the refinancing, Ashurst said.