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Turquoise Hill Launches $2.4 Billion Rights Offering
- Client News
- November 26, 2013
Practices
Paul, Weiss client Turquoise Hill Resources (formerly known as Ivanhoe Mines), a Canadian mining company with operations focused in the Asia Pacific region and majority-owned by Rio Tinto, launched a $2.4 billion rights offering to repay interim and bridge loans relating to the continuing development of its Oyu Tolgoi copper-gold mine. Oyu Tolgoi is one of the world's largest new copper-gold mines and is located in the South Gobi region of Mongolia. Rio Tinto committed to support the rights offering by exercising its full basic subscription privilege with respect to its ownership of 51 percent of the shares of Turquoise Hill as well as by providing a standby commitment for the full amount of the rights offering, subject to certain conditions. The trading of rights is scheduled to begin on the NYSE and NASDAQ on December 3 and on the TSX on December 4 and the offering will expire on January 7, 2014.
The Paul, Weiss team included corporate partner Edwin Maynard and counsel Stephen Centa; and tax partner David Mayo.