King & Wood Mallesons has advised a syndicate of banks including Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Macquarie on their fully underwritten offer of a A$1.2 billion Senior Secured Bank Facility to Whitehaven Coal.
Under the deal, which closed today, Whitehaven will have access to lines of credit up to A$1.2 billion including revolving, term and guarantee facilities. The new facilities will have a four year tenor and 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.
The King & Wood Mallesons team was led by Managing Partner Scott Gardiner, who was supported by Senior Associates Rebecca Finkelstein and Greg Nicholas.
“We are very pleased to have supported ANZ on this significant transaction which signals a milestone for for the syndicated debt market. The financing offer is indicative of a strong appetite for lending by Australian banks which is a positive sign for the regional coal sector,” said Gardiner.
Whitehaven’s Maules Creek Coal Project is located in the heart of the Gunnedah Basin in NSW.
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