Whitehaven amends debt facility
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Whitehaven Coal Ltd has secured the approval of its banking consortium to amend its $1.2 billion corporate debt facility.
In a statement to the Australian Securities Exchange, the miner said the original covenant package, was established in December 2012 to provide funding for the construction of Maules Creek and included an interest coverage ratio test being first applied in December 2014.
"Due to unforseen delays with the Maules Creek project, and despite being in compliance with all covenants, Whitehaven deemed it prudent to realign the interest coverage ratio test with the revised Maules Creek production timeline."
Whitehaven confirmed there had been no repricing of the underlying facility and reaffirmed that its 75% share of the remaining construction budget for the Maules Creek project is funded.
"The realignment is a sensible and practical outcome for Whitehaven and the Maules Creek project," Whitehaven managing director Paul Flynn said.
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