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Chinese lenders back Australian resources sector
King & Wood Mallesons advised a Chinese lender syndicate on funding operations and investment in the Australian resources sector.
Melissa Coade
Firms: King & Wood Mallesons (Industrial Bank Co Ltd; BOCI Financial Products Limited; and United NSW Energy Limited); Herbert Smith Freehills (Yancoal Australia Ltd)
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Deal: A consortium of Chinese lenders has entered a funding agreement to provide $950 million to Yancoal Australia.
Value: $950 million
Area: Banking and finance
Key players: The deal drew on the expertise of a cross-border team from KWM. From the Sydney office were M&A partners Paul Schroder and Jingchuan Zhao, senior associate Intan Eow (pictured), and project and leveraged finance legal consultant Chris Robertson. Meanwhile, the team from Shanghi included banking and finance partner Stanley Zhou and senior associate Jieyu Gu.
Deal significance: KWM advised the consortium in the new debt funding through an issue of nine-year secured debt bonds. The consortium of lenders includes Industrial Bank Co Ltd, BOCI Financial Products Limited and United NSW Energy Limited.
According to KWM, the deal reflects “the firm’s local depth and global platform”.
“We are very pleased to have leveraged our cross-border M&A and banking expertise in Australia and in China to assist our Chinese clients finance this strategic investment in Australia,” senior associate Intan Eow said.
