Reclusive WA mining billionaire Mark Creasy is in advanced discussions to buy Macquarie Bank’s debt at Calidus Resources, in a deal that could give him a leg-up in controlling the Pilbara gold and lithium miner out of receivership.
Street Talk understands Macquarie, which has a $148 million debt position and a 4 per cent equity stake in Calidus, has finalised terms to trade the loan to a party, understood to be Creasy’s private investment vehicle, YandalInvestments.
Sources say the trade has been agreed at par with (or close to) its carrying value. It is believed the buyer has commenced an initial assessment of Calidus’ prospects.
Creasy’s emergence in Calidus’ capital structure means he’s likely to have an edge over rival suitors looking to get their hands on Calidus and/or its projects out of the KordaMentha-run sale process, which opened expressions of interest on Monday. A spokeswoman for KordaMentha declined to comment when contacted by Street Talk on Thursday evening.
Read the full story tomorrow and more on the Street Talk page.
Pacific Smiles shares tumble as $327 million buyout plan failsL1 Capital shorts Commonwealth Bankas cracks emergeBill Ackman’s Pershing Square weighs deal to take property group Howard Hughes private, Bloomberg reportsBHP is mulling the sale of its gold and copper assets in Brazil, Reuters reports
The chart
Credit funds looking for an angle at Macquarie’s embattled waste management play Bingo may be in luck. Street Talk understands the debt is again changing hands among a handful of special situation specialists, including SC Lowy, which has also been throwing out indicative pricing sheets to get the market talking.
Best and worst
The Australian sharemarket fell on Thursday, dragged lower by a sell-off in mining stocks and a weaker iron ore price.
