News

04/11/16

G+T advises on successful billion dollar dual-track process

Gilbert + Tobin is pleased to have advised Scott Kershaw, Amrit Bahra and Ryan Rabbitt from KordaMentha in relation to a dual-track IPO and trade sale process in respect of Arrium Limited’s (In Administration) mining consumables business (Moly-Cop).

The highly competitive dual track process culminated in funds advised by American Industrial Partners acquiring Moly-Cop for an enterprise value of US$1,230 million.

The multi-faceted, cross-border transaction, with concurrently run IPO and trade sale processes, was coordinated across teams of lawyers drawn from G+T’s market leading corporate advisory practice.

Transaction leaders Peter Cook and Dominic Emmett believe that G+T was uniquely placed to respond to the multiple challenges presented by running a transaction of this scale and complexity in the context of the broader Arrium administration process, with Peter Cook commenting that:

“It is a great achievement for both streams of a dual-track process to run  right to the wire and to attract such strong market support.  Achieving an outcome of this kind requires a high degree of coordination and dedication from all transaction participants and our team worked together to provide seamless support to Moly-Cop and KordaMentha and the team of advisors. We are pleased to have played our part in achieving a favourable outcome for all stakeholders.”

Trade sale stream leaders Hiroshi Narushima and David Clee agreed that the strong result is testament to the hard work and commitment brought to bear by the entire transaction team, including Moly-Cop’s senior leadership team:

“The Moly-Cop sale is the largest and most complex sale out of administration since the collapse of Ansett.  We are grateful to KordaMentha for their support and we look forward to working with them and the Moly-Cop team to bring the transaction to a successful conclusion in the coming period.”

The Gilbert + Tobin team advising on the successful trade sale transaction was led by partners David Clee and Hiroshi Narushima, in conjunction with Special Counsel Elizabeth Hill, and assisted by lawyers Tim Kennedy, Wendy Hsu, Catrina Yu, Mack Wan, Laura Bacon, Evan Jones and Melissa Baxter.  Partner Dominic Emmett and lawyers David Kirkland and Jessica Kim led the Gilbert + Tobin team advising on the financier consent process and the implications of running the dual track process out of a group in administration.

The Gilbert + Tobin team advising on the IPO process was led by partners Peter Cook and Adam D’Andreti, and assisted by lawyers Kathryn O’Brien, Madeleine Brett-Williams, Olivia Blakiston, Laura Bacon and Clare Harris.  Partner Simon Lynch and lawyers David Kirkland and Jessica Kim led the Gilbert + Tobin team advising on the debt financing.

Gilbert + Tobin’s Corporate Advisory group is acknowledged as market leading, and is ranked Band 1 in Corporate/M&A, Equity Capital Markets, Private Equity and Acquisition Finance in Chambers Asia Pacific 2016, one of only a few Australian law firms to be ranked top tier in all four categories. The firm’s Restructuring+ Insolvency group has been awarded the ALB Insolvency + Restructuring Deal of the Year for the last five years.

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