Last month’s fall came after the raising, on which law firm Corrs Chambers Westgarth advised.

The coal miner said on 25 August it had raised $438.7 million through an institutional placement run by JPMorgan to buy the MDL 162 coking coal projects from Queensland state-owned power utility Stanwell Group.

Corrs advised Macarthur Coal on its agreement with MCG Coal Holdings Pty Ltd to provide a $360 million finance facility for the purposes of acquiring MDL 162, a coal mining asset located in the Bowen Basin in Central Queensland.

The loan facility forms the first stage of the proposed transaction between the parties which, subject to FIRB approval, will entitle Macarthur to acquire a 90% interest in MDL 162.

To fund the transaction, Macarthur simultaneously carried out a $438.7 million institutional placement. Macarthur will follow this with a share purchase plan entitling eligible shareholders to subscribe for $15,000 of Macarthur shares each.

Corrs advised on and negotiated all aspects of the loan facility agreement, capital raising and foreign investment approval and drafted the definitive transaction documentation.

The transaction was negotiated and implemented within a very short period of time requiring a high degree of responsiveness and broad range of expertise, including equity capital markets, energy and resources, banking and finance, stamp duty and FIRB expertise.

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The Corrs team was led by partners Teresa Handicott, Jeremy Horwood and Bruce Adkins who were supported by special counsel Glen Smith, senior associates Juanita Rayson, Simon Rear, Maria Cornilsen and lawyer James Nicholls.

The firm has a long history with Macarthur Coal, and has previously advised the company on numerous transactions related to acquisitions, joint ventures and restructures.