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Inmet Announces Closing of Private Placement of $500 Million of Subscription Receipts to Wholly-Owned Subsidiary of Temasek Holdings

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According to the Inmet Mining Press Release, “Inmet Mining Corporation (“Inmet”) announced today that it has closed its previously announced private placement of $500 million of subscription receipts to Ellington Investments Pte. Ltd. (“Ellington”), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited.

On closing, Ellington purchased 9,258,419 subscription receipts at a price of $54.0049 each for total proceeds to Inmet of $500 million. These proceeds will be held in escrow by CIBC Mellon Trust Company, as subscription receipt agent, and invested pending exchange of the subscription receipts for Inmet common shares as described below. On completion of the exchange, the proceeds will be used by Inmet for the development of its Cobre Panama project and for general corporate purposes.”

read more: Inmet Mining Press Release

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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