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New Century refinances bonds for $180m
New Century has successfully refinanced its existing environmental rehabilitation bonds required at its Century Mine project for $180 million.
Naomi Neilson
Firm: Gilbert + Tobin (New Century)
Value: $180 million.
Area: Finance; mining.
Key players: The team was led by head of energy and infrastructure, Alexander Danne, with support from lawyer James Frixou on financing and special counsel Lloyd Chater on the project diligence.
Head of environment and planning, Ben Fuller, coordinated the environment and planning aspects of the transaction with support from lawyers Nina Pearse and Ben Hayward. Special counsel Christopher Marchesi, assisted by lawyers Amelia Arndt and John Larbalestier, coordinated the diligence on the mining tenements.
Lawyers Jarrod Gook, Tiffany Sorge and Ruby Ballantyne also assisted.
Deal significance: New Century’s flagship Century Mine is the largest tailings reprocessing operation in Australia and is a major global producer of zinc annually.
The G+T team advised on all aspects of the transaction, including a complex debt financing package stapled with long-term zinc hedging transactions with Macquarie Bank, comprising of 172,500 tons of zinc metal.
The transaction was run alongside a successful $117 million equity raise, with support from New Century’s cornerstone investor, Sibayne-Stillwater.
Commenting on the deal, Ms Danne said: “This is a transformative transaction for New Century, which will unlock material flexibility for the company for further opportunities it seeks to progress.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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