Coronado talks $700 million two-part term loan at Libor plus 625 bps

New York, March 1 – Coronado Australia Holdings Pty. Ltd. set talk for its $700 million seven-year term loan (B1/B+) in two tranches with the launch of the transaction on Thursday, according to a market source.

Both parts of the loan are talked at Libor plus 625 basis points with a 1% Libor floor and a 99 offer price.

The loan is divided into a $550 million term loan B and a $150 million term loan C.

Investors will have 101 call protection for six months.

Deutsche Bank and Goldman Sachs are bookrunners for the transaction.

Commitments are due by March 15.

Proceeds will be used for the acquisition of the Curragh coal mine in central Queensland, Australia from Wesfarmers Ltd. for A$700 million.

Coronado Australia is a metallurgical coal producer. Parent Coronado Coal, LLC is based in Beckley, W.Va., and is a portfolio company of private equity company Energy & Minerals Group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.