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Clayton Utz advises Grange on $167m capital raising
Deal summary:Clayton Utz has advised Perth-based iron ore producer Grange Resources on its A$167 million capital raising, comprising an underwritten non-renounceable entitlement offer and…
Lawyers Weekly
Deal summary:
The offer was underwritten by joint lead managers Azure Capital and Patersons Securities and featured the participation of cornerstone investor Shagang, China's largest private steel mill, and other major shareholders.
Key players:
The Clayton Utz team was led by corporate advisory/M&A partner, Matthew Johnson (pictured), and included senior associate Rohan Mishra and lawyer Norman Chan.
Commentary:
The proceeds of the offer and placements will be used to reduce Grange's debt assumed as part of its merger with Australian Bulk Minerals in January 2009, fund its restructure, and provide funds for its working capital and Savage River operations.
