Majmudar & Co and UK firm TLT have acted as legal counsel to the lender Punjab National Bank (International) Limited [PNBIL] in two cross-border loans to finance the acquisition and operation of US-based and Indonesian mining groups.

The borrowers in both these transactions are subsidiaries of two Chennai-based companies. In the first loan financing, Majmudar advised PNBIL on the lending of $9.8m to Reed Sriram Minerals, which is a US-based subsidiary of Haldia Coke & Chemicals owned by Chennai’s Ennore Coke. The funds would be utilised by the borrowers towards acquiring and developing of the mining assets of Heidtman Mine LLC and its subsidiaries.

The Majmudar team consisted of partners Akil Hirani and Shreyas Patel and associate Anthony Toppo, working together with TLT partner Richard McBride who advised on the English law aspects and drafted the facility agreement for the loan.

US law firm Haskell Slaughter Young & Rediker LLC led Reed Sriram Minerals in a bankruptcy bid acquisition of Heidtman Mine’s assets and operations.

On the second loan transaction, Majmudar and TLT advised PNBIL on a $20.5m financing of Jersey-based Opera Minmetals, which through its affiliate companies would buy two Indonesian coal mines. Opera Minmetals is a wholly owned subsidiary of Chennai-based Opera Holdings Private Limited.

US law firm Carey Olsen and Indonesian firm DNC Advocates acted for the borrower Opera Minmetals in acquiring the coal mines through its Indonesian subsidiary.