Firm: Herbert Smith Freehills (Whitehaven Coal Limited)
Deal: Whitehaven’s underwritten committed senior secured bank facilities from Australia and New Zealand Banking Group Limited (ANZ)
Area: Banking & finance Value: $1.2 billion
Key players: The HSF team was led by partner Joel Rennie, who was supported by lawyer Rupert Baker
Deal significance: The facilities have a four-year tenor and provide Whitehaven with lines of credit up to $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. “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,” said Rennie.
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