The firm assisted an ASX lister on a US$640m acquisition and helped achieve a dual listing on the ASX
Gilbert + Tobin (G+T) has been tapped to guide Orica on a $400m fully underwritten placement and share purchase plan that will help to finance a US$640m acquisition by the ASX lister.
Orica is set to purchase US sodium cyanide manufacturer and distributor Cyanco in a cross-border deal that will support its growth.
Headinag up the G+T team were corporate advisory head Costas Condoleon and senior lawyer Andrew Earle. They were supported by lawyers Kevin Zhou and Ruby Ballantyne.
Cyanco caters predominantly to the gold mining industries in the US, Canada, Mexico, Latin America, and Africa.
G+T also advised NYSE-listed Metals Acquisition Limited (MAC) on its oversubscribed and upsized IPO of chess depositary interests (CDIs), achieving dual listing on the ASX
The IPO was priced at $17 per CDI, which the firm said was at in the upper range. The proceeds will be allocated towards further development of MAC’s CSA Copper Mine in NSW, which the company purchased from Glencore PLC in June last year. The funds will also be used to cover a deferred payment to Glencore.
Moreover, the funds will be used to finance growth opportunities at CSA as well as to finance the working capital and costs associated with the offer. Investor demand led MAC to upsize the raising from $300m to $325m million.
Corporate advisory partner Simon Rear spearheaded the team that advised on all aspects of the complex IPO and ASX listing process.
“It was incredibly complex, listing a Jersey incorporated, NYSE-listed company on the ASX that had recently completed a significant acquisition and de-SPAC’d. With the expanding demand for essential materials for the decarbonisation journey, we're confident in their potential to thrive in this dynamic market landscape”, he said.
Rear received support from senior associate Michael Van Der Ende and lawyers Maree Casey, Sarah Urquhart and Adam Sibum. Partner Michael Blakiston also pitched along with other lawyers from the mining and metals sector.
Barrenjoey Markets Pty Limited and Canaccord Genuity (Australia) Limited served as the joint lead managers on the deal. Skadden, Arps, Slate, Meagher & Flom and Ogier were the US and Jersey legal advisors, respectively.
