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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Mandalay Resources Corporation Completes US$60 Million Debt Financing

2014

Areas Banking and Finance Law, Corporate Finance and Securities, Mining and Natural Resources, Tax

Summary

Goodmans represented Mandalay Resources Corporation in connection with the completion of a financing transaction pursuant to which it borrowed US$60 million from Gold Exchangeable Limited, an unaffiliated special purpose vehicle incorporated in Jersey on May 13, 2014. Mandalay is a Canadian based natural resource company with producing assets in Australia and producing and development projects in Chile.

The financing proceeds were raised by Gold Exchangeable Limited by way of a concurrent offering of senior exchangeable bonds. The bonds bear interest at a rate of 5.875%, have a five year term and are exchangeable for shares of the SPDR Gold Trust ETF at an initial exchange price of US$149.99. Mandalay, through a wholly owned subsidiary, borrowed the proceeds of the bond offering from Gold Exchangeable Limited under the terms of a loan agreement and related funding agreement which together mirror the principal terms of the bonds.

KNG Securities LLP acted as lead manager and sole bookrunner in respect of the offering of the bonds.