Australian miner TerraCom gets debt payment reprieve for fourth time
TerraCom said on Tuesday its bondholders had agreed to a payment delay for the fourth time as the Australian coal miner finalises details of a new refinancing programme.
The new three-week extension now sets the bond maturity date for October 8, which was initially due on June 30.
Coal miners have been finding it increasingly difficult to secure financing and insurance as their backers face pressure over funding fossil fuel projects due to worries over their contribution to climate change.
Terracom assured investors it had secured a pathway for refinancing, but said if the new programme falls through, bondholders have agreed to an alternate package that will see the bond repaid in monthly installments by December 2022.
Last month, Terracom had posted an annual loss despite Asian coal prices hitting multi-year highs due to strong Chinese demand. Earlier in the day, peer New Hope Corp swung to a full-year profit as coal prices surged in key markets.
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