Shearman & Sterling is acting as UK and US counsel to AngloGold Ashanti on the approximately $1.58 billion sale of new shares and mandatory convertible bonds. The total raised includes additional shares and convertible bonds after the underwriters of the offerings exercised their over allotment options.

Headquartered in Johannesburg, South Africa, AngloGold Ashanti is the third largest gold producer in the world and the largest in Africa.

The company will use the proceeds from these offerings, together with existing cash and other available funding sources, to eliminate its gold hedge book, which AngloGold Ashanti expects will give it full exposure to the gold price and improve its profitability and cash flow. It will also enhance its ability to fund its development projects and exploration initiatives.

Lead partner Richard Price commented, "This transaction represents a significant milestone for our client AngloGold Ashanti. The team at Shearman & Sterling is delighted to have had the opportunity to work closely with the company and its other advisors in implementing this transaction."

The Shearman & Sterling team of lawyers in the firm’s London and New York offices also included Capital Markets partners Rob Evans and Russell Sacks, Finance partner Mei Lian, counsel Richard Alsop and Rob Ferguson and associates Rob Beard, Mike Kung, Yumi Paringaux, Eric Ho, Joe Sasanuma and Amy Lewis.