Gilbert + Tobin have advised Credit Suisse in their role as Sole Lead Arranger and Underwriter for the US$325 million financing package provided to Atlas Iron Limited (ASX Code: AGO). The package consists of a US$275 million institutional Term Loan B facility and an AUD$50 million three-year revolving facility.
The transaction was announced yesterday and the package will be used to complete the development of the Mt Dove, Abydos and Mt Webber mines and the Yard 2 expansion works at Utah Point at Port Hedland, ultimately allowing Atlas Iron to meet its Pilbara iron ore production target of 12 million tonnes per annum by December 2013.
Banking + Finance partner James Lewis led the team together with partners John Schembri and Claire Boyd, and lawyers Robert Trowbridge, Katie McCracken, Callista Barrett and Christopher Marchesi.
Commenting on the transaction, James Lewis said, “We are delighted to have worked with the Credit Suisse team again on another significant financing in the resources sector. These facilities will enable Atlas Iron to continue the development of its Horizon 1 Assets and shows that there is still US institutional support for the Australian resources sector despite the looming fiscal cliff in the US.”
This transaction highlights the banking and finance team’s continued success in securing major instructions in the resources sector. Recent examples include Gilbert + Tobin’s roles on the US$5 billion secured debt facilities for the Fortescue Metals Group and the US$225 million corporate refinancing facilities provided to OceanaGold Corporation.
Atlas Iron Limited is an independent Australian iron ore company, mining and exporting Direct Shipping Ore from its operations in the Northern Pilbara region of Western Australia. Since listing on the ASX in late 2004, Atlas has grown rapidly and is now a member of the ASX100 index.
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