Ashurst has advised St Barbara Limited (St Barbara) on its US$250 million capital raising by way of a note issue under United States Rule 144A and Reg S.
The offering consists of US$250 million senior secured notes due 15 April 2018, issued by St Barbara and secured by St Barbara’s assets. The security does not include the assets of the St Barbara group’s Pacific operations.
Lead Ashurst partner on the matter, Bruce Whittaker, said: “The issue is of strategic importance to St Barbara and will strengthen the company’s balance sheet and create the financial flexibility to pursue internal growth opportunities.”
The net proceeds of the offering was used to repay existing borrowings under the company’s syndicated debt facility, for cash collaterisation of performance bonds and for general corporate purposes.
Ashurst acted as Australian and PNG counsel to St Barbara.
The transaction further cements Ashurst’s relationship as St Barbara’s key advisor in Australia. It follows the firm’s role as Australian counsel on St Barbara’s acquisition of Allied Gold by way of UK scheme of arrangement, and the subsequent refinancing and expansion of the company’s syndicated debt facility.
The Ashurst team included partner Bruce Whittaker, lawyers Charles Driscoll, Tina Davey and Brenton Clarke (Banking & Finance), partner Marie McDonald, senior associate Kylie Lane, lawyers Aaron Shute and Jack Anstey (Corporate), partner Geoff Gishubl, senior associates Claire Woodland and Andrew Gay (Energy & Resources), partner Marie-Claire Foley (Employment), partners Ian Kellock and Barbara Phair, senior associates Bronwyn Kirkwood and Nika Dharmadasa (Tax) and partner Richard Flynn (PNG).
