Altura drafts in Azure Capital for debt advice
The Australian Financial Review, Sarah Thompson, Anthony Macdonald and Tim Boyd, Wednesday 12 February 2020. Copyright 2020. Fairfax Media Management Pty Limited.
It's advisers and lenders galore at ailing lithium miner Altura Mining.
As the company on Wednesday confirmed Street Talk's Tuesday report that it was doing an equity raising, this column can also reveal it has tapped Perth boutique Azure Capital to advise it on its circa $US140 million debt refinance.
The two biggest lenders on the lending syndicate are understood to be global private investment firm Castlelake and alternative investment manager CarVal Investors, while specialist investment management and capital advisory firm Clearwater and Japanese investment bank Nomura are also in the debt stack.
Altura said in its ASX announcement on Wednesday that it had "executed a term sheet with current lenders to extend the existing loan facility for an additional three years".
Meanwhile, Aitken Murray Capital Partners is helping out on the equity raising, which is tipped to be between $35 million and $40 million. Altura was meeting potential investors in Sydney and Melbourne over the next few days.
Altura produces lithium in Western Australia but has suffered from collapsing prices for the resource since a peak in May 2018 due to excess demand driven by optimism about electric vehicle and battery growth.