On December 16, 2005, Cobre Las Cruces SA (CLC), a Spanish company of which 70 per cent is owned by Inmet Mining Corp. and 30 per cent by Leucadia National Corp., closed the financing package for the Las Cruces copper mine located in Seville, Spain.
The financing consisted of a US$240 million project financing facility and a €69 million bridge facility and was provided by a syndicate of lenders led by CIBC, the Bank of Nova Scotia, Société Générale and Banco Bilbao Vizcaya Argentaria. The project financing is secured by charges over CLC's property and assets.
Inmet and Leucadia also provided sponsor guarantees in respect of the financing and indirect pledges of the shares of CLC. Inmet's sponsor guarantee is secured by charges over assets located in Turkey, the Netherlands and Finland.
Inmet and CLC were represented by Steven Astritis, vice-president and general counsel, and by Torys LLP with a team that included David Dell, Scott Kraag, Boris Nevelev and John Unger.
Leucadia was represented by Weil, Gotshal & Manges LLP with a team that included Marsha Simms, Scott Forchheimer and Ronald Daitz. Linklaters in Madrid acted as Spanish counsel to CLC with a team that included Miguel Riaño and Marta Sanchez Villalta. Kari Lautjärvi, Lillemor Westerholm and Janne Viinamäki at Hannes Snellman Attorneys at Law Ltd acted as Finnish counsel to CLC and the sponsors.
The lenders retained Ogilvy Renault LLP as international project finance counsel with a team that included Nicholas Williams, Jacques Demers, Miguel Manzano, Andrew Ahonen, Jennifer Bensky and Ella Plotkin. Freshfields in Madrid acted as Spanish counsel to the lenders with a team that included Iñaki Gabilondo, Jesus Estevez and Vanessa Armas.
Mehtap Yildirim Öztürk and Sebnem Önder of Çakmak Avukatlik Bürosu provided advice on Turkish legal matters. Bartheke Weerstra and Oscar van Angeren at De Brauw Blackstone Westbroek in New York provided advice on Netherlands legal matters. Gunnar Westerlund and Helena Viita at Roschier Holmberg, Attorneys Ltd. acted as the lenders' Finnish counsel.
The financing was undertaken in connection with Inmet acquiring a 70 per cent indirect interest in the Las Cruces copper mine from a wholly-owned subsidiary of Leucadia in return for 5.6 million Inmet common shares. Leucadia retained the remaining 30 per cent indirect interest.
Inmet was represented on the acquisition by Steven Astritis, vice-president and general counsel, and by Torys with a team that included Brian Davis, Chris Fowles, Nathan Verhagen, John Unger and Kathy Moore. Weil, Gotshal & Manges represented Leucadia with a team that included Andrea Bernstein, Danielle Do and Dawn Kim.
The financing consisted of a US$240 million project financing facility and a €69 million bridge facility and was provided by a syndicate of lenders led by CIBC, the Bank of Nova Scotia, Société Générale and Banco Bilbao Vizcaya Argentaria. The project financing is secured by charges over CLC's property and assets.
Inmet and Leucadia also provided sponsor guarantees in respect of the financing and indirect pledges of the shares of CLC. Inmet's sponsor guarantee is secured by charges over assets located in Turkey, the Netherlands and Finland.
Inmet and CLC were represented by Steven Astritis, vice-president and general counsel, and by Torys LLP with a team that included David Dell, Scott Kraag, Boris Nevelev and John Unger.
Leucadia was represented by Weil, Gotshal & Manges LLP with a team that included Marsha Simms, Scott Forchheimer and Ronald Daitz. Linklaters in Madrid acted as Spanish counsel to CLC with a team that included Miguel Riaño and Marta Sanchez Villalta. Kari Lautjärvi, Lillemor Westerholm and Janne Viinamäki at Hannes Snellman Attorneys at Law Ltd acted as Finnish counsel to CLC and the sponsors.
The lenders retained Ogilvy Renault LLP as international project finance counsel with a team that included Nicholas Williams, Jacques Demers, Miguel Manzano, Andrew Ahonen, Jennifer Bensky and Ella Plotkin. Freshfields in Madrid acted as Spanish counsel to the lenders with a team that included Iñaki Gabilondo, Jesus Estevez and Vanessa Armas.
Mehtap Yildirim Öztürk and Sebnem Önder of Çakmak Avukatlik Bürosu provided advice on Turkish legal matters. Bartheke Weerstra and Oscar van Angeren at De Brauw Blackstone Westbroek in New York provided advice on Netherlands legal matters. Gunnar Westerlund and Helena Viita at Roschier Holmberg, Attorneys Ltd. acted as the lenders' Finnish counsel.
The financing was undertaken in connection with Inmet acquiring a 70 per cent indirect interest in the Las Cruces copper mine from a wholly-owned subsidiary of Leucadia in return for 5.6 million Inmet common shares. Leucadia retained the remaining 30 per cent indirect interest.
Inmet was represented on the acquisition by Steven Astritis, vice-president and general counsel, and by Torys with a team that included Brian Davis, Chris Fowles, Nathan Verhagen, John Unger and Kathy Moore. Weil, Gotshal & Manges represented Leucadia with a team that included Andrea Bernstein, Danielle Do and Dawn Kim.
