Clifford Chance advises on US$2.3bn bridge financing and A$1.25bn take-out facility for Gold Fields’ acquisition of Gold Road

Global law firm Clifford Chance has advised the Initial Lead Arrangers and Bookrunners (Bank of America, Commonwealth Ban of Australia, J.P. Morgan and MUFG Bank) on a US$2.3bn financing arranged to support Gruyere Holdings’ acquisition of Gold Road Resources, implemented by way of an Australian scheme of arrangement.

The firm also advised the Mandated Lead Arrangers and Bookrunners (Commonwealth Bank of Australia, NAB, Westpac and MUFG Bank), together with the lending syndicate, on an A$1.25bn take-out facility used to partially repay the US$2.3bn bridge loan.

Mark Gillgren, Partner, said: “This acquisition reflects the value international mining companies see in Western Australia as a Tier 1 mining region. This important sector underpins Australia’s economy and we are proud to have played a key role in advising on such a significant transaction.”

“The take-out facility was an unsecured, investment-grade, cross-border financing that required our team to navigate Australian, South African, British Virgin Islands and Canadian laws. It demonstrates the strong appetite for exposure to investment-grade credits and the broader trend of banks lining up to lend to resources companies with strong balance sheets.”

For the US$2.3bn financing, Mark Gillgren and Nick Kinnersley led the multijurisdictional deal team. They were supported by counsel Nicole Backhouse, senior associates Rubin Trehan King and Alexandra Martin, associates Devesh Awmee, Siewy Yong, Fatimah Nazir and Ben Lin, graduate Siobhan Mussen and trainee Vanessa Ariyibi.

For the A$1.25bn take-out facility, Mark Gillgren led the core deal team, with support from counsel Timon Ibrahim, associate Luna Owen and graduate Kaneeka Kapur.

Clifford Chance previously advised the Commonwealth Bank of Australia as sole sustainability coordinator, as well as the mandated lead arranger and bookrunner in connection with an A$500 million syndicated sustainability-linked credit facility for Gold Fields.