Boliden Completes $400M Equity Offering

In August 2001, Boliden Limited completed a $400 million dollar equity offering and a refinaning/restructuring of over $1 billion of existing indebtedness. The equity offering consisted of a common share rights offering to the corporation’s existing shareholders fully secured by subscription and standby commitments and an additional offering of common shares directed to certain European investors and the corporation’s lenders fully secured by purchase commitments. The equity offering was made in Canada (rights entitling holders to subscribe for common shares of Boliden) and Europe (receipts representing rights entitling holders to subscribe for Swedish depository receipts representing Boliden common shares), on the basis of prospectuses filed and cleared with Canadian and Swedish securities regulatory authorities and stock exchanges. As part of the debt refinancing/restructuring, the corporation entered into a new credit facility with a lending syndicate consisting of over 20 European and North American banks.

McMillan Binch acted for Boliden, Torys acted for the financial advisors to Boliden and Allen & Overy acted for the lenders. Mannheimer Swartling and Gernandt & Danielsson acted as Swedish counsel in connection with the transaction.The McMillan Binch team was led by Robert McDermott and included Sean Farrell and Ilana Singer (corporate and securities), Mary-Ann Haney (tax), Bill Woloshyn (banking) and Andy Kent (corporate restructuring). The Torys team was led by Herman Wilton-Siegel and included Robert Mansell, Candy Saga, Ken Frankel, Laurie LaPalme and Conrad Sheppard.