Australia’s Wiggins Island Coal Export Terminal backed by 16 miners, including Xstrata, is planning to sign about $3 billion of loans, Bloomberg reports. The port has hired Australia & New Zealand Banking Group to advise on arranging a $2.85 billion senior credit facility and a $158 million working capital loan.
Both facilities mature in seven years. Proceeds will be used to help build a coal port in the Australian state of Queensland. Wiggins Island is also organizing $530.8 million of subordinated debt and about $562.7 million worth of preference shares in conjunction with the same coal project.
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