De Beers Completes Multi-Billion Dollar Refinancing and Rights Issue

On March 23, 2010, De Beers, the world's leading rough diamond company, announced that it had successfully concluded the refinancing of its $3.89 billion existing banking facilities and a $1 billion rights issue. All of the company's banking partners participated in the facility renewal. The rights issue was subscribed to in full by E Oppenheimer & Son, Anglo American plc, and the Government of Botswana in their pro rata equity proportions.

The funds have been received by the company and have been used to repay debt.

De Beers was advised on Canadian aspects of this transaction by Fasken Martineau DuMoulin LLP with a team led by Robert Shirriff, QC, and including, among others, Thomas Meagher (banking); Daniel Law and Dugan Edmison (real estate) and William Bies and Ronald Nobrega (tax).

The lenders were advised by Stikeman Elliott LLP with a team led by James Davis and including, among others Sherry Roth, Meaghan Obee Tower (banking); James Klein (real estate) and Marc-André Wilson (tax).