Whitehaven Coal Limited (ASX:WHC) has secured additional lines of credit of up to $350 million to be used for working capital and general corporate purposes.
The New South Wales based coal miner says it has refinanced its existing syndicated bank facility with a series of long-term bilateral facilities put in place with several Australian and foreign financial institutions.
The new facilities have a five-year tenure and will support the company’s plans to further develop its coal assets.
Whitehaven believes the refinancing will provide it with new funding headroom and flexibility to support its growth initiatives.
Whitehaven Coal posted a net profit of almost $10 million in the 2011 financial year.
