“We are pleased to have completed this important transaction and welcome the support provided by the banking syndicate,” Whitehaven managing director and CEO Paul Flynn said on Friday.

“The facility will enable Whitehaven to fulfil its ambition of becoming Australia’s leading independent coal company by providing flexibility for the company over the next few years.”

The interest rate for this credit facility was not announced but the miner has previously said the terms were more favourable that the facility it replaced – meaning a “lower interest rate and increased headroom for Whitehaven”.

The facility matures in July 2019 and will be used for general corporate purposes.

While the facility was secured despite the risks associated with the ongoing weakness in coal prices, it also followed Whitehaven’s success with its vast Maules Creek coal project in New South Wales which is three months ahead of schedule despite delays from a considerable activist campaign.

The coal miner ended 2014 with a $111.6 million cash position and $200 million in undrawn facilities plus a net debt position of $887.4 million at a gearing ratio of 22%.