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Minters, Bakers advise on $313m Cockatoo deal
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Minters, Bakers advise on $313m Cockatoo deal

Minter Ellison has advised Cockatoo Coal, which announced today that SK Networks will pay $313m to lift its holding in the company to 40 per cent.

Law firm Minter Ellison has advised Cockatoo Coal, which announced today that SK Networks will pay $313 million to lift its holding in the company to 40 per cent through a share placement.

Minters advised Cockatoo Coal on its capital raising through the share placement. Lead partner and head of mergers and acquisitions at the firm, James Philips, said it was exciting to contribute to the clients growth. Senior associate and corporate M&A lawyer Kylie Quinlivan assisted on the deal.

Baker & McKenzie is acting for South Korea's SK Networks on the deal. Sydney partner Steven Glanz and Hong Kong partner Won Lee led the deal, assisted by senior associate Breanna Slattery.

In the deal, SK Networks, a South Korean company, will invest A$313 million in Cockatoo Coal, an ASX listed metallurgical and thermal coal development and production company, via a placement of shares to increase its interest in Cockatoo to 40 per cent.

The placement is priced at $0.535 per share and is expected to be implemented by the end of June 2012. The proceeds will provide equity funding for Cockatoo’s medium term infrastructure and project development commitments and repay debt. 

To assist with Cockatoo’s funding requirements prior to completion of the Placement, SK Networks has agreed, subject to formal documentation, to provide a guarantee for a A$150 million loan facility proposed to be provided by KEB Australia Limited and other lenders.

SK Networks is a member of the SK Group, the third largest conglomerate in South Korea, which has interests in the chemical, petroleum and energy industries, and provides services in the construction, shipping and telecommunications sectors.

Minter Ellison has been assisting Cockatoo Coal since before its IPO in 2005.

 

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