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‘Landmark’ debt package for zinc-copper site

‘Landmark’ debt package for zinc-copper site

Rowan Cross

The Woodlawn Zinc-Copper Project, nearby Goulburn, NSW, has received backing from Orion Resource Partners with a financing package worth over US$97 million. 

Firms: Herbert Smith Freehills (Orion Resource Partners); Wright Legal (Heron Resources Ltd)

Deal: Orion Resource Partners has delivered debt financing for the Woodlawn zinc-copper site, with a package that includes quasi-debt and equity financing described as a “landmark transaction”.

Value: US$97.7 million

Area: Finance

Key players: The HSF team advising Orion was led by partner Rowen Cross (pictured right), who was assisted by senior associate Nicolas Hemelaar. Orion was given advice on the equity aspects of its financing package by partner Paul Branston (pictured left) and senior associate Sevan Gore.  

Deal significance:

Heron Resources Limited (Heron) has received a debt financing package for the project by Orion Resource Partners (Orion).

According to HSF, Orion’s finance package for the zinc-copper site involved a US$60 million secured debt facility and a US$16 million prepayment under a silver streaming arrangement, with an additional US$21.7 million provided by Orion Resource Partners by way of equity investment.  

Lead partner Rowen Cross, who advised Orion on the deal, said that the financing was a “landmark transaction” for the Australian resources sector.

“There hasn’t been a streaming transaction of this size and scale in the Australian market before, and it is great to see financiers outside the banking sector are stepping up to fund good projects,” Mr Cross said.

Construction of the Woodlawn project, located 30km south of Goulburn and 220km south-west of Sydney, is due to start soon.

The first production of zinc and copper at Woodlawn is projected to be delivered by late 2018.

 

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‘Landmark’ debt package for zinc-copper site
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