DEAL ANNOUNCEMENT / PRESS RELEASE
January 4, 2023
Read time: 3 min
International law firm McDermott Will & Emery represented Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK), a global leader in cryptocurrency mining, in two strategic transactions: a subsidiary sale of its Helios facility in Dickens County, Texas to Galaxy Digital Holdings, Ltd. (Galaxy), a digital asset and blockchain leader providing institutions, startups and qualified individuals access to the crypto economy, for $65 million and the refinancing of its asset-backed loans with a new, $35 million asset-backed loan from Galaxy.
These transactions reduced Argo’s indebtedness by $41 million, strengthening its balance sheet and liquidity position. Argo will maintain ownership of all mining machines, and Galaxy will host Argo’s fleet of Bitmain S19J Pros at the Helios facility.
The McDermott corporate team was led by Darren Azman, Chuck Gibbs and Jack Langlois and included Evan Belosa, Kevin Brophy, Richard Call, Sarah Engle, Joseph Evans, Alex Farr, Steven Hadjilogiou, Shawn Helms, Jacob Hollinger, Abigail Kagan, Maris Kandestin, Robert Lamkin, Jibin Luke, Heidi Steele, Eric Seitz, Blake Wong, Raja Chatterjee, Ian Sebastian Gall, Jane Gerber, David Giattino, Andrew Granek, Ming Lei, Sarah Nabors, Nick Paul, Shelby Perry, Natalie Rowles, Jennifer Schein, Brandon White, Grayson Williams and Kate Williams. The McDermott finance team was led by Riley Orloff, Darren Yang and Robin Riley.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,400 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
