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Independent mine gets multibillion-dollar refinancing

Approval has been given for the largest independent coal mine in Australia to refinance its senior secured bank facilities for $1.2 billion.

user iconMelissa Coade 23 August 2017 Big Law
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Firms: Herbert Smith Freehills (Whitehaven Coal Limited); Gilbert +Tobin (Financiers)

Deal: Whitehaven Coal Limited (Whitehaven) has been advised on the refinancing of its senior secured bank facilities, provided by a syndicate of Australian and international banks.

Value: $1.2 billion


Area: Finance

Key players: The Herbert Smith Freehills legal team was led by partner Erin Wakelin, who was assisted by senior associate Emma Zarb.

Deal significance: Whitehaven has been described as Australia’s largest independent coal mine.

According to a statement from Herbert Smith Freehills, Whitehaven’s facilities, which mature in 2021, provide it “with an aggregate of $1.2 billion term and guarantee lines of credit for general corporate purposes and replaces its existing debt facilities with more favourable terms”.

“The oversubscription for Whitehaven debt by domestic and foreign financiers highlights the quality of Whitehaven’s coal assets and its performance in the international energy and resources market,” added Herbert Smith Freehills partner Erin Wakelin.