Largest ASX metals and mining IPO since 2004 succeeds with top firms’ aid

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A pair of leading law firms in Australia worked with American counterparts to ensure that the largest metal and mining IPO since 2004 on the ASX was a success.

Herbert Smith Freehills (HSF) advised Coronado Global Resources (Coronado) and the Coronado Group (seller) on Coronado’s IPO and $3.87bn listing on the ASX.

Gilbert + Tobin (G+T) confirmed to Australasian Lawyer that it acted for Goldman Sachs, which was the sole global coordinator. It also acted for Goldman Sachs, UBS Australia, Bell Potter Securities and Credit Suisse Investments Australia, which were the joint lead managers.

Wall Street firm Sullivan & Cromwell acted as US counsel for Coronado and the seller, while Sidley Austin was the US counsel for the sole global coordinator and the joint lead managers.

The mega IPO was made up of an institutional and broker firm offer of CHESS Depositary Interests (CDIs) over shares of common stock in the company, in part issued by the Coronado and in part sold by the seller, HSF said.

“This transaction involved a range of intersecting US and Australian legal issues, as the seller and Coronado are Delaware-organised companies. Coronado also made a number of changes to optimise its business ahead of the IPO, including changes to its Stanwell arrangements and finance facilities,” the firm said.

The HSF team was led by partner Philippa Stone and senior associate Melissa Swain-Tonkin. They were supported by solicitors Lucinda Bradshaw, Elizabeth Cameron, Vivek Mahadevan, Michael Burrell, and Christian Bourke.

Senior associate Lauren Selby and solicitor Bianca Marcocci led the head office advisory and corporate governance aspects of the deal, while partner Elizabeth Charlesworth provided expert advice on certain financing matters.

G+T fielded a team that included corporate advisory partner Rachael Bassil and lawyer Kathryn O’Brien.