Firm:  Herbert Smith Freehills (Coronado).

Value: $250 million. 

Deal: Herbert Smith Freehills is delighted to have advised Coronado Global Resources Inc. (Coronado) on its $250 million capital raising by way of a fully underwritten placement of CHESS depository interests (CDIs) in the Coronado to institutional investors (placement) and a fully underwritten accelerated non-renounceable entitlement offer (entitlement offer) (the placement and entitlement offer together, the capital raising).

Area: Capital markets and private equity.

Key players: The Herbert Smith Freehills team was led by partner Philippa Stone, who was supported by partner Philip Hart, senior associates Lizzie Lu and Cecilia Mehl, and solicitors Jennie Bian, Emily Reyher and Scott Preswick. 

The team worked closely with Coronado’s legal team, including vice-president, chief legal officer and secretary, Richard Rose, and general counsel - Australia and Assistant company secretary, Liesl Burman.

Deal significance: ASX-listed coal miner Coronado Global Resources is mulling a sizeable equity raising that could help pay down debt and potentially attract new investors to the company.

VIEW ALL

“We are delighted to have assisted Coronado [in] this successful transaction, which will strongly position the company for the future,” Ms Stone, Herbert Smith Freehills partner and co-head of Australian equity capital markets, said.

“The [placement] and the institutional component of the [entitlement offer] have been strongly supported and we are proud to have been involved.”

Coronado has drafted in Citigroup, Credit Suisse and Goldman Sachs’ investment banking teams for advice, and would look to those three banks to underwrite the offer should it sign off on a trip to equity capital markets.

Coronado is a low-cost global producer, marketer and exporter of a full range of premium quality metallurgical coals. The company owns a portfolio of operating mines located in Queensland, Australia, and in Virginia and West Virginia in the US.