NCIG completes US $340million refinancing

June 21, 2019

21st June 2019

Newcastle Coal Infrastructure Group today announced that it has completed a US$340m five year refinancing.

NCIG initially approached financing markets to raise funds to be able to repay US$135million of December 2019 private placement notes at their maturity.

Off the back of strong demand, the transaction was upsized to US$340million, enabling NCIG to cover all its refinancing needs until March 2022.

NCIG Chief Executive Officer Aaron Johansen said the refinancing continues NCIG’s proactive approach to managing its capital structure.

“This is an excellent result for NCIG, showing strong support from financing markets.

“NCIG’s robust commercial structure is underpinned by high quality source mines that benefit from growing Asian demand for Newcastle coal exports” Mr Johansen said.

NCIG Chief Financial Officer John Kite said the refinancing increases NCIG’s average debt tenor.

“It is attractively priced at a sub 2% margin, delivering a cost of funding of less than 4%,” Mr Kite said.