Firms: K&L Gates (ADM Capital as to Australia law); ZhongLun W&D (ADM Capital as to Hong Kong law); Allen & Overy (Credit Suisse); King & Wood Mallesons (equity funders); Allens (the borrower, Windfield Holdings, a subsidiary of the Tianqi Group)
Deal: Hong Kong-based investment firm ADM, through its subsidiary Twenty Two Dragons, has invested $US50 million in a subsidiary of Chengdu Tianqi Industry Group Co (Tianqi), a Chinese lithium products manufacturer
Area: Banking & finance
Value: $US50 million
Key players: K&L Gates banking partner Richard Winter (pictured) led the Sydney team, along with corporate partner Rowan McDonald. They were assisted by senior associates Phil Hustler (banking) and William Dillon-Leetch (corporate)
Deal significance: The Twenty Two Dragons investment was part of a financing package to fund Tianqi’s acquisition of Australian lithium mining company Talison Lithium. In addition to Twenty Two Dragon’s investment, Tianqi received a commitment for long-term equity financing from Leader Investment Corporation, a subsidiary of Chinese sovereign wealth fund China Investment Corporation, and loan commitments from Credit Suisse and Industrial and Commercial Bank of China. K&L Gates’ lead partner Richard Winter commented: “The deal involved significant security and priority arrangement negotiations between K&L Gates and the representatives of the Leader Investment Corporation, the senior financier, Tianqi, and Talison Lithium and its Australian subsidiary.
“It was a complicated transaction which required lengthy discussions to achieve a desirable outcome for all parties.”