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INTERNATIONAL DEALS
International legal practice, Norton Rose Group has advised Toronto listed Katanga Mining Limited in connection with a US$265.3 million convertible loan underwritten by Glencore Finance (Bermuda) Limited. The facility was made available to Katanga’s joint venture subsidiaries in the Democratic Republic of Congo - Kamoto Copper Company (KCC) and DRC Copper and Cobalt Project (DCP). This two-year senior secured bridge loan will help Katanga’s immediate funding requirements and comprises approximately US$165.3 million rolled over debt and an additional US$100 million in new finance. Closing occurred on 12 January 2009. Senior associate, Charles Whitney commented: “The transaction was closed under a very tight timetable to meet the immediate financing needs of Katanga amid challenging capital and commodities markets. We look forward to continuing to advise Katanga on its ongoing corporate and banking transactions in the Democratic Republic of Congo.” Although Glencore has underwritten the facility and made an advance of the US$ 100 million of new money, existing shareholders and other new investors will have the opportunity to participate in almost US$200 million of the convertible loan until a second closing date of 9 February 2009. The Norton Rose Group team was led from London by Jon Perry, senior associate on corporate matters and by senior associate Charles Whitney on banking matters, with assistance from David Milligan, Zoe Tite, Kathryn Henry, Mark Ward and Charlotte Payne. Partner Jean-Francois Mercadier and associate Benoit Audin of the Norton Rose LLP office in Paris and their team were in charge of the DRC corporate and contractual aspects with the assistance of the local firm Djunga & Risasi. Cassels Brock & Blackwell LLP provided Canadian law advice, Appleby provided Bermudan and BVI law advice and Djunga & Risasi provided DRC law advice
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