Banks secure $1 billion refinancing of Whitehaven

Gilbert + Tobin has assisted banks in the refinancing of Whitehaven’s senior bank debt facilities.

Naomi Neilson • 19 March 2020 • Big Law

Firm: Gilbert + Tobin (Whitehaven)

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Deal: Gilbert + Tobin (G+T) has acted for a syndicate of Australian domestic and international banks on the refinance of Whitehaven Coal Limited’s senior bank debt facilities.

Value: $1 billion.

Area: Finance.

Key players: The team was led by head of banking and infrastructure, partner John Schembri. He was supported by special counsel Spiro Papadolias, lawyer Felix Buddee and graduate Marcus Thomson.

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Deal significance: The refinance involved restructuring Whitehaven’s existing revolving credit facility and credit support facilities providing Whitehaven with greater flexibility to capitalise on future growth opportunities.

The financing provides Whitehaven with a sustainable financing platform to expand its existing operating mine operations, capitalise on future growth projects and better support its operational and logistical requirements.

Mr Schembri commented, “G+T [is] delighted to have assisted Whitehaven [in] this transaction, which will provide Whitehaven with a tailored and flexible financing package to help secure its strategic objectives going forward.”