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Coal export terminal undergoes refinancing
Two global law firms have advised in a complex deal which saw a Newcastle coal export terminal undergo a refinancing worth in excess of US$600 million.
Emma Musgrave
Firm: Herbert Smith Freehills (BHP); Ashurst (Newcastle Coal Infrastucture Group)
Value: US$634 million
Area: Finance
Key players: The legal team advising BHP was led by HSF partner Lucy McCullagh, with assistance from senior associate Josie Essery, solicitor Nicola Morris and graduate James Paolucci.
Deal significance: The NCIG coal export terminal is located on the Hunter River, in the Port of Newcastle, New South Wales. It is described as one of Australia’s leading coal export facilities.
NCIG is owned by a number of resource companies including BHP, Yancoal, Whitehaven Coal, Peabody Energy and Centennial Coal.
According to a statement from HSF, this refinancing featured various interconnected debt instruments, debt tranches and currencies.
Lead partner Ms McCullagh has advised BHP since the beginning of its investment in the NCIG coal export terminal and has extensive experience in advising on financings in the mining sector.
“This successful refinancing could inject confidence into mining companies with exposure to coal assets, which may encourage future refinances in relation to existing Australian coal projects,” she said, speaking about this refinancing.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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