Capstone Mining Corp. completed the acquisition of the Pinto Valley copper mine and the associated San Manuel Arizona Railroad Company in Arizona, USA from BHP Copper Inc. (BHP Copper), a subsidiary of BHP Billiton Ltd. The purchase price of US$650 million was funded from cash and Capstone's credit facilities. Prior to the acquisition, Capstone completed a second amendment and restatement of its existing credit facility on October 4, 2013. The restatement increased Capstone's credit facility from US$200 million to US$400 million. The credit facility was provided by a syndicate of lenders led by The Bank of Nova Scotia, as administrative agent.
Blake, Cassels & Graydon LLP represented Capstone with a team of Bob Wooder, Steve McKoen, Caroline Clapham and Kyle Misewich (corporate/securities); and Bahar Hafizi and Tiffany Chung (financial services). Capstones US counsel was Davis Graham & Stubbs LLP, whose team was led by Connie Rogers and included Dean Miller, Randy Hubbard and Brian Boonstra.
Cleary Gottlieb Steen & Hamilton LLP represented BHP Copper with a team led by Filip Moerman and included Kimberly Spoerri, Rachel Serlen and Phillip Coffman (M&A). Polsinelli Shughart PC also represented BHP Copper in Arizona, and was led by Brian Moll with a team that included Gerrit Steenblik and John Burnside.
Fasken Martineau DuMoulin LLP was counsel to the Bank of Nova Scotia with a team of Thomas Meagher and Dev Singh.
Scotia Capital Inc. was the financial advisor to Capstone, and Citigroup Global Markets Inc. was the financial advisor to BHP Copper.