MARKETS

Austral refinances

DISAPPEARING Austral Coal has completed a $130 million refinancing to fund continued operations a...

Rebecca Keenan

The Centennial finance offer was superior to the Investec Loan Facility originally offered, Austral said. Centennial is the lead lender under a Syndicated Facilities Agreement, with NM Rothschild & Sons providing guarantee and stockpile facilities.

Austral has now been able to repay a bridge loan from ANZ and a loan from the Noble Group.

Austral has also settled a dispute with contractor Roche Mining regarding contract variations from development work at Tahmoor. Roche has finished up at the colliery with Austral taking over the work.

Centennial made a $300 million scrip bid for Austral in February and now holds 69% of the smaller outfit.

Shares in Austral slipped 3.7% Monday to $1.35 with Centennial also sliding 2.4% to $4.90.

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