find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Real Estate & Projects Lawyer (6+ years PAE)
Category: Property Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Top tier firm with offices nationally · High profile clients
View details
Chinese banks take lead roles on Aus deals

Chinese banks take lead roles on Aus deals

Mallesons Stephen Jaques has acted for four Chinese banks as the lead arrangers on a US$1.2 billion financing for the Karara iron ore project in Western Australia.

Karara is a joint venture between Gindalbie Metals Limited and Ansteel, China’s second largest steel producer and largest iron ore miner.

Mallesons said today the deal highlights an increase in Chinese banks’ willingness to take a clear lead role on such transactions.

The firm advised the financiers of the loan, a syndicate of banks led by China Development Bank Corporation and Bank of China Limited as mandated lead arrangers as well as Industrial and Commercial Bank of China Limited and Agricultural Bank of China Limited on the loan facility.

The Mallesons legal team was led by Perth banking partner Nicholas Creed, who says the deal represents the emergence of a strong trend in financing for Australian mining projects. It is among the first Chinese bank funded project financings in Australia.

Clifford Chance, led by partner Bruce Schulberg and associate Paul Wee, acted as English counsel for the banks.

“We’re seeing an increase in the willingness of Chinese banks to not only finance resources projects in Australia, but also take a clear lead role on these transactions,” Creed said.

“Our clients on the Karara financing were very keen to ensure that all aspects of the deal were completed in line with international best practice, demonstrating that Chinese banks are involved in project financings in the same way Western banks have been doing for years,” he said.

Mallesons’ role on the transaction involved advising the banks on the Australian security aspects, due diligence and the facility documents.

The team included senior associates Neil Kingsbury, Paul Lingard, Sarah Harlock, Nicole Ho and legal consultant and environmental law specialist Lee McIntosh.

Mallesons' Canberra office assisted in relation to the Foreign Investment Review Board aspects of the transaction through special counsel Malcolm Brennan.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Chinese banks take lead roles on Aus deals
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...