ALLENS Arthur Robinson is acting for Riversdale Mining Limited on a $337 million capital raising in its bid to fund its Benga coal project.
Blake Dawson is acting for UBS and Hartleys on the deal. The placement and entitlement offer are fully underwritten by UBS
The capital being raised will facilitate the accelerated development of stages two and three of the coking and thermal coal Benga coal project, based in the Tete Province, Mozambique.
The transaction – at a fixed offer price of $9.40 per share – comprises a $102 million fully underwritten institutional placement and a 1-for-8 fully underwritten accelerated non-renounceable pro-rata entitlement offer to all eligible shareholders.
The entitlement offer involves an institutional component of approximately $165 million and a retail component of approximately $70 million.
Allens, led by partner and co-head of equity capital markets Stuart McCulloch, advised Riversdale on all aspects of the capital raising.'
Riversdale Mining reported a profit in fiscal 2009, but that was significantly lower than the previous year.
McCulloch was assisted by senior associate Robert Speed and Robert Kerr, as well as lawyers Kirsty Moore, Andrew Ta and Rola Lin.The Blakes team includes Sarah Dulhunty, Murray Wheater, Andrew Williams, David McManus, James Fairley and Elizabeth Hourigan.