AusSuper piles into $230m Pilbara deal to buy Altura
Oct 28, 2020 – 11.14am
Street Talk
Sarah Thompson, Anthony Macdonaldand Tim Boyd
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.
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.
https://www.copyright link/street-talk/pilbara-galaxy-face-off-for-altura-mining-20201028-p5698a
- Forums
- ASX - By Stock
- PLS to buy AJM ?
AusSuper piles into $230m Pilbara deal to buy AlturaOct 28, 2020...
-
- There are more pages in this discussion • 53 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add PLS (ASX) to my watchlist
|
|||||
Last
$2.41 |
Change
-0.170(6.59%) |
Mkt cap ! $7.257B |
Open | High | Low | Value | Volume |
$2.57 | $2.60 | $2.41 | $64.35M | 25.99M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 123970 | $2.41 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.42 | 15148 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 123970 | 2.410 |
75 | 575112 | 2.400 |
2 | 135271 | 2.390 |
9 | 163698 | 2.380 |
3 | 15421 | 2.370 |
Price($) | Vol. | No. |
---|---|---|
2.420 | 15148 | 3 |
2.430 | 17653 | 3 |
2.440 | 42738 | 4 |
2.450 | 285428 | 4 |
2.470 | 12500 | 2 |
Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
Featured News
PLS (ASX) Chart |