Conyers advised on the implementation and completion of the recapitalisation of the Petra Diamonds Group which was initially announced on 20 October 2020 and completed on 10 March 2021. The restructuring involved a conversion of US$409.9 million of Notes debt into new equity, resulting in the Noteholder group holding approximately 91% of the enlarged share capital of Petra Diamonds Limited. The restructuring also involved a partial reinstatement of the Notes debt, new contribution by existing holders and a restructuring of the Petra Diamond’s group’s first lien facilities. Pursuant to the restructuring, following a share capital reduction, 844,657,929 New Ordinary Shares were admitted to listing on the premium segment of the Official List of the FCA and admitted to trading on the London Stock Exchange’s main market.
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson). Incorporated in Bermuda, Petra Diamonds is quoted with a premium listing on the Main Market of the London Stock Exchange and on the Global Exchange market of the Irish Stock Exchange.
Director Edward Rance and Associates Karoline Tauschke and Hailey Edwards of Conyers’ Bermuda office advised on the matter, working alongside Ashurst LLP.