Coronado Global Resources closes $150 million asset-based revolver

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – Coronado Global Resources Inc. and its wholly owned subsidiaries Coronado Finance Pty Ltd. and Coronado Curragh Pty Ltd. satisfied the conditions to enter into the previously announced senior secured asset-based revolving credit agreement for an initial $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The company signed for the credit facility on May 8, as previously reported. The facility became effective on Aug. 3.

The ABL facility includes a $100 million sublimit for the issuance of letters of credit and a $70 million sublimit for a revolving credit facility. Availability under the ABL Facility is limited to an eligible borrowing base, determined by applying customary advance rates to eligible accounts receivable and inventory.

Borrowings under the ABL Facility will bear interest at SOFR for dollar-denominated loans and the BBSB rate plus 280 basis points for Australian dollar-denominated loans.

There is a commitment fee of 98 bps based on the actual daily amount by which the total commitments exceed the sum of the outstanding loans and the outstanding letter-of-credit obligations.

The new ABL facility will mature three years after the closing date.

Outstanding amounts under the ABL facility are secured by a first-priority lien on the accounts receivable and other related assets and proceeds and products of the guarantors, a second-priority lien on substantially all of the company’s and guarantors’ assets other than the ABL collateral and a featherweight floating security interest over certain assets of the Australian borrower solely in the case of the Australian obligations.

Global Loan Agency Services Australia Pty Ltd is the administrative agent. Global Loan Agency Services Australia Nominees Pty Ltd is the collateral agent.

Coronado Global Resources Inc. is the holding company, and Coronado Australia Holdings Pty Ltd. is the Australian parent.

The new ABL facility replaces the existing senior secured asset-based revolving credit agreement dated May 12, 2021 with Citibank, NA as administrative agent.

Coronado Global Resources is a producer of high-quality metallurgical coal. It is based in Brisbane, Australia.

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