$1bn debt facilities refinancing successful with Gilbert + Tobin’s help

Gilbert + Tobin (G+T) has advised in the successful refinance of $1bn of debt facilities of an Australian premium-grade coal producer.

G+T acted for Australian and international banks on the refinance of Whitehaven Coal’s senior debt facilities, which involved the restructure of the company’s revolving credit facility and credit support facilities.

The refinancing, which comes at a time when it is expected that coal producers will have a hard time getting financial backing, provides Whitehaven with greater flexibility to capitalise on future growth opportunities, G+T said.

The top-tier law firm said that the financing provides Whitehaven with a “sustainable financing platform” to expand existing operating mines and pursue future projects. It will also support operational and logistic requirements, through a series of bilateral credit support facility agreements, the firm said.

The G+T team was headed by partner John Schembri, the firm’s head of banking and infrastructure. He was supported by special counsel Spiro Papadolias, lawyer Felix Buddee, and graduate Marcus Thomson.

Schembri said that the financing package is “tailored and flexible” and will help Whitehaven with its goals for the future.