Stanmore completes debt refinancing
PERTH (miningweekly.com) – Coal miner Stanmore Coal has completed its debt refinancing, aimed at reducing the overall cost of financing.
The ASX-listed company on Monday said that it had extended the term of an existing facility with financier Taurus from November 15 this year until the end of June 2022, and has increased a working capital facility from $22-million to $28-million, to match the company’s larger business scale following an increase in production from 1.2-million tonnes to 2.3-million tonnes a year.
The miner has also reduced its bonding facility from $29-million to $12-million, reducing interest rates on drawn funds from 10% to 8%, while maintaining the interest rates on undrawn funds at 2%.
Furthermore, Stanmore has also secured a $20-million bonding facility with financier Liberty, providing financial assurance to the Queensland government as part of the company’s future rehabilitation obligations.
The Liberty facility will have a premium charge of 4.7% on drawn sureties and an expiry date of June 30, 2020. No fees will be payable on undrawn facilities and now cash backing would be required for the facility.
Stanmore told shareholders that the establishment of the Liberty bonding facility would generate annual finance cost savings of around A$580 000.
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