Shearman & Sterling advised a syndicate of bank lenders comprising Société Générale, ING Capital, Commonwealth Bank of Australia and Goldman Sachs on a new financing package for Pala Investments.

The $65 million financing comprised a borrowing base facility that is secured by a first lien on the cobalt inventory retained by Pala Investments in connection with its successful divestment of a 70% net interest in the Voisey’s Bay cobalt stream to Anglo Pacific Group PLC for cash consideration of $205 million at closing and further contingent consideration of up to $27 million.

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

The Team