Allens has advised Liontown Resources on its landmark $1.2 billion debt and equity package, including a $760 million debt funding package and a $420 million equity raising.
The package will fund Liontown's Kathleen Valley Lithium Project, one of the world's most significant new long-life lithium projects.
Allens also advised Liontown on its response to the proposed acquisition by Albemarle Corporation of Liontown, announced to the ASX on 4 September 2023. That proposal was ultimately withdrawn by Albemarle on 16 October 2023.
Liontown secured eight leading international and domestic banks and government credit agencies for its debt funding package, a number of which had not previously provided debt to lithium companies.
Its $420 million equity raising comprised a fully underwritten institutional placement of $365 million, a non-underwritten conditional placement for $10.8 million to a director and a non-underwritten share purchase plan to raise up to a further $45 million.
'We congratulate Liontown on its debt and equity raising, which succeeded in the face of tremendous complexity. This has now funded the Kathleen Valley Project to first production and beyond,' said Partner Bryn Hardcastle.
'While Liontown had been continuing to work on the debt and a potential equity raising even after the Albemarle approach was received, it was necessary to quickly pivot to finalising and announcing the debt and equity funding package immediately following the Albemarle withdrawal.'
The Allens team was led jointly by Guy Alexander and Bryn Hardcastle.
Allens continues to advise Liontown on all aspects of the project and its funding.
Allens legal team
Guy Alexander (Partner), Bryn Hardcastle (Partner), Charles Ashton (Partner), Bree Rowswell (Managing Associate), Alex Ninkov (Senior Associate), Emma Morris (Senior Associate), Alex Knights (Associate), Alex Forster (Associate)
Equity capital markets
Bryn Hardcastle (Partner), Julian Donnan (Partner), Addison Ma (Senior Associate), Jesse Lines (Associate), Nic Ruhbach (Lawyer), Francesca Bailey (Lawyer)
Rod Aldus (Partner), Ben Farnsworth (Partner), Alastair Henderson (Senior Associate), Megan Lee (Lawyer)