Ann: Appointment of Receivers and Managers, page-294

AusSuper piles into $230m Pilbara deal to buy Altura
Sarah Thompson, Anthony Macdonald and Tim Boyd
Oct 28, 2020 – 11.14am
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AustralianSuper is making another big investment in battery metals.

Altura's Pilgangoora lithium mine in Western Australia. Altura Mining
Street Talk understands the country's largest superannuation and pension fund will bankroll Pilbara Minerals' $230 million equity raising to buy embattled lithium play Altura Mining.
Sources said AustralianSuper and resource sector private equity fund RCF would help underwrite Pilbara Minerals' bid.
Pilbara Minerals had Macquarie Capital's equities desk putting a raising together on Wednesday morning.
The investment isn't AusSuper's first in the lithium sector, which also owns a stake in ASX-listed Argentinian lithium outfit Orocobre and owns almost 10 per cent of Piedmont Lithium Limited.
RELATED QUOTES
PLSPilbara Minerals

$0.390 -7.14%
1 year1 day
Oct 19May 20Oct 20000


Updated: Oct 28, 2020 – 11.42am. Data is 20 mins delayed.
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AJMAltura Mining

$0.0700.00

Oct 19Mar 20Aug 20000




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It's a quick-fire sale for Altura, which was tipped into receivership by its loan note holders – including fund managers Castlelake, CarVal, Nomura and Clearwater Capital – less than 48 hours ago.
The sale marks a big about face in Altura's fate.
The company thought it had a $150 million-odd equity raising ready to roll earlier this week to avoid going into receivership, but its debt holders pulled the rug out from underneath it on Monday afternoon.
The company desperately needed money before its debt covenant waivers expired on Saturday and was hoping to reduce its $200 million debt load down to about $30 million, in order to ride out a period of low lithium prices.
However, now it will be saying hello to a new owner.
The deal makes sense for Pilbara, which has a lithium project directly adjacent to Altura's in Pilgangoora, near Port Hedland in Western Australia.
It's a coup for the $870 million lithium player, which is picking up Altura on the cheap, only paying the secured debt value to snare the entire company.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@copyright link
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@copyright link
Tim Boyd is a journalist based in Sydney who writes for the Street Talk column. Connect with Tim on Twitter. Email Tim at tim.boyd@copyright link