Firms: Ashurst (Bain Capital Credit LP); HopgoodGanim Lawyers (Imdex Limited)
Deal: Bain Capital Credit LP (Bain) has sold its equity investment in Imdex Limited (Imdex) through a block trade agreement with Euroz Securities Limited (Euroz).
Area: Equity capital markets
Key players: Corporate transactions partners Antonella Pacitti (pictured) and Carl Della-Bosca led the Ashurst team in advising Bain, with assistance from restructuring and insolvency partner Lionel Meehan.
Deal significance: Imdex is an ASX-listed mining, equipment, technology and services company that operates in all key mining regions around the world.
Ashurst advised Bain on the exercise of warrants in Imdex and immediate sale of the shares acquired on exercise, equal to in aggregate 10.08 per cent of Imdex, through a block trade agreement with Euroz.
The warrants were issued to funds managed by Bain in connection with a recapitalisation of Imdex in 2015, which involved the transfer of Imdex’s existing debt to the Bain funds and Imdex’s entry into a new and amended debt facility with the Bain funds.
Ashurst also advised Bain in relation to that recapitalisation and new financing package in 2015.
“Ashurst has a longstanding relationship with Bain, one of the world’s largest alternative asset managers,” said Ashurst lead partner Antonella Pacitti.
“It has been our pleasure to assist Bain with the recapitalisation of and investment in Imdex.”
The deal was completed on 13 March 2017.