Sheffield Resources

A$350m Project Finance Facilities to Fund the Development of the Thunderbird Project

November 2018

Following the signing of a binding term sheet in October 2017, on 12 November 2018 Sheffield Resources Limited (Sheffield) announced the signing of a US$175m fully underwritten, syndicated facility agreement with Taurus Mining Finance for a seven year term loan (Taurus Facility). Furthermore, in September 2018, Sheffield also announced that the Northern Australia Infrastructure Fund (NAIF) Board made an investment decision to offer financial assistance to Sheffield for its Thunderbird project via the provision of long term debt facilities totalling A$95 million (NAIF Facilities). The Facilities consisted of:

  • A$30 million Project Development Facility (sitting pari passu with the Taurus Facility); and
  • A$65 million Infrastructure Development Facility.

Azure led the transaction with Taurus and NAIF, advising Sheffield on all aspects including structuring and tactical advice, project finance financial modelling, preparation of marketing materials, investment proposals (for NAIF), coordination of due diligence and the production of the required third party reports, advocacy and support for the credit and approval process and the development and negotiation of the term sheets and full finance facility documentation (including intercreditor principles between NAIF and Taurus).