Corsa Coal Corp. (“Corsa”) completed its acquisition of PBS Coals from OAO Severstal for US$60 million in cash and the assumption of US$60 million of liabilities, as well as its related US$65 million equity private placement financing and US$25 million credit facility. As part of the financing of the transaction, Sprott Resource Corp. (“SRC”) invested US$33.4 million to purchase Corsa shares.
Corsa was represented by Jay Kellerman, J.R. Laffin, Warren Ng, Brandon Hoffman, Eric Lung (M&A and securities); Dean Kraus, John O'Connor, Lindsay Gwyer (tax); and Justin Parappally, Sumbul Ali, Andrew Grant and Deanna Toner (banking) of Stikeman Elliott LLP; by Fike, Cascio & Boose LLP; by Jackson Kelly PLLC; by Vinson & Elkins LLP; and by PennStuart LLP.
OAO Severstal and PBS Coals were represented by Skadden, Arps, Slate, Meagher & Flom LLP. The Skadden team included Gary Cullen (M&A); John Nelson, Erin Kirchner and Jessica Schmiege (corporate) and Sarah Ralph (tax) in Chicago; Thomas Wood (tax) in Washington D.C.; John Furfaro, Richard Kidd and Anne Villanueva (labor and employment law) in New York; Timothy Nelson (executive compensation and benefits) in Boston and Elizabeth Malone (environmental) in Washington D.C..