Whitehaven secures new A$1.4bn bank facility
PERTH (miningweekly.com) – ASX-listed Whitehaven Coal has secured a A$1.4-billion senior bank facility to replace an existing credit facility, resulting in lower interest rates and increased headroom.
MD Paul Flynn said on Thursday that the new facility’s A$1.2-billion drawable line of credit was for general working purposes and had a maturity date of July 2019.
He added that the new flexible, low-cost facility demonstrated Whitehaven’s improved creditworthiness and the increased confidence that lenders have in the company’s growth plans and its capacity to execute these.
“Our goal is to become Australia’s leading independent coal company. We are on track to achieve this with our world-class assets, which we expect will continue to deliver further improved performance following a strong first half.”
The facility was subject to the completion of documentation and the satisfaction of standard conditions.
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