Pinnacle Expands Investment in $800 Million Strategic Partnership Between Atlantic Alumina and the U.S. Government

Paul, Weiss advised a fund managed by Pinnacle Asset Management, L.P., in connection with the expansion of the strategic public-private partnership between its portfolio company, Concord Resources Holdings Limited; Atlantic Alumina Company LLC, the only operating alumina refinery in the United States; and the U.S. Department of War. The new funding, in the form of $350 million in preferred equity, brings the total capital raised for the alumina facility to $800 million since the start of the year: $400 million each from private investors through Pinnacle’s fund and from the federal government.

The Paul, Weiss team was led by partners Brian Hermann and Cullen Sinclair, and included corporate partners Udi Grofman, David Tarr and Timothy Cruickshank; tax partners Robert Holo and Jamie Chambers,  practice management counsel Adam Parry; environmental partner Stefanie Gitler; and executive compensation counsel Brian DeShannon.