The $1bn float of lead and zinc producer Zinifex - which debuted on the ASX on Monday to a lukewarm response - is the culmination of two and a half years work for Minter Ellison.

The firm has been advising on the restructure of the Pasminco Group - resulting in the Zinifex float - since being retained by Pasmcino's administrators Ferrier Hodgson in September 2001 to help manage creditor claims totalling more than A$3bn.

Led by Ian Walker and Bart Oude-Vrielink, Minter Ellison has assisted Ferrier Hodgson in a complex reconstruction process which has included the sale or closure of significant parts of the Pasminco business on two continents and the decision to refloat the group via a global share offering - an Australian first. Pasminco's creditors - around 38 banks and financiers - voted in mid-2002 in favour of a deed of arrangement combining a public float with a debt for equity swap in an effort to maximise their returns.

Minters' work on the float, handled by its securities team, has included the completion and verification of the global Institutional Offering Memorandum and Australian Retail Prospectus.

Allens Arthur Robinson, led by partner Jon Webster, has acted as adviser to Zinifex's company's directors on the float. Mallesons Stephen Jaques, led by partners Alison Lansley and David Friedlander, represented the float's lead managers UBS, Citigroup and Deutsche Bank.

Zinifex has issued just under 500 million shares to retail and institutional investors, raising around $975m. The bookbuild closed on 2 April, with a final institutional price of $1.95 and a retail price of $1.85. Zininfex shares debuted at $1.80, closing at $1.72 on Tuesday, reflecting weak investor sentiment.

Zinifex owns and operates two mines in Australia - Century zinc in Queensland and Rosebery mine in Tasmania. Its assets also include four smelters: two in Australia, one in the US and one in the Netherlands.