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
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Congo copper project refinanced

Congo copper project refinanced


Two global firms have advised on a US$162.5 million transaction to finance the Kipoi Copper Project in the Democratic Republic of Congo.

Firms: Herbert Smith Freehills (IFC and Taurus); Norton Rose Fulbright (Tiger Resources)

Deal: The International Finance Corporation (IFC) and Taurus Mining Finance Fund LP provided a senior debt facility to finance Tiger Resources’ Kipoi Copper Project in the Democratic Republic of Congo.

Value: US$162.5 million

Area: Banking and Finance

Key players: Perth partner Rowen Cross and London partner Martin Kavanagh led the team from Herbert Smith Freehills, supported by senior associates Nicolas Hemelaar and Heather Woodward. Lead partners from Norton Rose Fulbright were Jake Howard (Perth), Poupak Bahamin (Paris) and Steve Chemaly (Johannesburg), while James Stewart (Melbourne) led the equity capital raising. They were assisted by Christian Navarro, Kagiso Maine and Katherine Werren in Perth, Chris Mitchell in Melbourne, Sabine Bertin in Paris and Fabio Miceli and Ntombentsha Odolo in Johannesburg.

Deal significance: Tiger Resources was able to secure an eight-year term debt in a deal that spanned six jurisdictions and involved a complex security structure.

The deal, which involved refinancing US$100 million in secured facilities established by Taurus in August 2014, will also provide funding for the expansion of the existing plant at the project.

Taurus provided US$100 million and IFC provided US$40.5 million, with the transaction amounting to a total US$162.5 million in senior debt. The debt also included US$25 million in equity – US$10 million from Resource Capital Funds and US$5 million from IFC.

“Banks and traditional lenders struggle to do long-term debt like this and I’m predicting that we will see more activity from development finance institutions and private debt funds, particularly while commodity markets are forecast to remain subdued,” HSF partner Rowen Cross said.

In conjunction with the debt facility, Tiger undertook an equity capital raising via a share placement and an accelerated non-renounceable entitlement offer to raise gross proceeds of approximately US$22 million, with commitments received from IFC and by Tiger’s existing shareholder, Resource Capital Funds.

NRF partner Jake Howard suggested the successful completion of the refinancing, at a time when copper prices are low, demonstrated "significant confidence in Tiger's management and that the fundamentals for the Kipoi project are sound".

"This financing not only provides a long-term funding solution for Tiger but also supports the expansion of its SX/EW plant, which will result in a significant reduction of Tiger’s production costs," he said.

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

Congo copper project refinanced
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
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 & ...