Nachrichten September 16, 2021

Sienna Metals $80 Million Term Loan

Shearman & Sterling advised ING Capital and Société Générale as joint lead arrangers and bookrunners on an innovative $80 million term loan and borrowing base facility for Sienna Metals LLP, a subsidiary of Pala, secured by its inventory of cobalt and revenues derived from contracts for the sale of its cobalt inventory. The structure of the credit agreement includes a novel feature pursuant to which Sienna Metals is permitted to shift cobalt between the borrowing base and the term loan facility upon entering into binding sales contracts for the sale of the cobalt.

Sienna Metals LLP is an independent supplier of responsibly-sourced cobalt and other critical metals to key global industries, based in Switzerland.

Pala is an investment company focused on the raw material s value chains that drive the global economy.

The Team