Herbert Smith Freehills has advised Whitehaven Coal Limited (Whitehaven) in respect of its underwritten committed A$1.2 billion senior secured bank facilities from Australia and New Zealand Banking Group Limited (ANZ).
The facilities have a four year tenor and provide Whitehaven with lines of credit up to A$1.2 billion including revolving, term and guarantee facilities. These new facilities will replace the company’s existing bank facilities and provide funding for general corporate purposes and capital expenditure, including the development of the Maules Creek project.
This commitment by ANZ represents a landmark transaction in the syndicated debt market and highlights domestic bank appetite for lending into the coal industry.
The Herbert Smith Freehills team was lead by partner Joel Rennie, who was supported by lawyer Rupert Baker.
Joel Rennie said, ‘It was very satisfying to be able to assist Whitehaven in securing financing certainty and obtaining significant liquidity for the next four years. The deal will allow the company to pursue its flagship project at Maules Creek with confidence in its sources of capital.’
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