Coronado Global Resources’ $350 Million Notes Offering

Shearman & Sterling advised Credit Suisse Securities (USA), Citigroup Global Markets and BMO Capital Markets as joint bookrunners, in the offering. Gilbert + Tobin acted for Credit Suisse Securities (USA) LLC and Citibank, N.A.

A subsidiary of Coronado Global Resources (Coronado) executed its inaugural U.S. Rule 144A/Regulation S private placement of $350 million aggregate principal amount of 10.750% Senior Secured Notes due 2026. The notes offering was conducted substantially concurrently with the closing of an asset-backed revolving facility (ABL Facility) and an offering of shares of common stock of Coronado in the form of CHESS Depository Receipts. Collateral for the notes and the ABL Facility includes substantially all of the assets of Coronado, the notes issuer and the guarantors.

Coronado is one of the world’s largest producers of high-quality metallurgical coal, operating some of the cleanest and lowest cost mines in the industry. Coronado employs approximately 1,500 people and its operations are located in two of the largest and most productive metallurgical coal basins in the world: the Bowen Basin in Queensland, Australia, and the Central Appalachian region of the USA.

Shearman & Sterling advised the bookrunners with a team including Jason Lehner (Picture), Michael Steinberg, Larry Crouch, Mehran Massih, Ekaterina Bogdanov, Andrew Tsang, Magnus Wieslander, Jesse Van Genugten, and Austin Jones.

The G+T team comprised of partner Robert Trowbridge with special counsel Louise McCoach, with support by partner Peter Bowden, special counsel Anna Schwartz, lawyers Lisa Hamilton and Patrick Foote and consultant Lukasz Napieraj.

Involved fees earner: Patrick Foote – Gilbert + Tobin; Lisa Hamilton – Gilbert + Tobin; Louise McCoach – Gilbert + Tobin; Lukasz Napieraj – Gilbert + Tobin; Anna Schwartz – Gilbert + Tobin; Robert Trowbridge – Gilbert + Tobin; Ekaterina Bogdanov – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Austin Jones – Shearman & Sterling; Jason Lehner – Shearman & Sterling; Mehran Massih – Shearman & Sterling; Michael Steinberg – Shearman & Sterling; Andrew Tsang – Shearman & Sterling; Jesse Van Genugten – Shearman & Sterling; Magnus Wieslander – Shearman & Sterling;

Law Firms: Gilbert + Tobin; Shearman & Sterling;

Clients: BMO Capital Markets; Citibank; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC;

Author: Martina Bellini