Lenders to Glencore-led Australian coal port agree to eight-year extension: sources [Reuters]
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Source: Reuters
Lenders to Glencore-led Australian coal port agree to eight-year extension: sources | Reuters 3 Min Read SYDNEY (LPC/Reuters) - Lenders to Queensland’s debt-laden Wiggins Island Coal Export Terminal have agreed to extend about $3 billion due on an outstanding loan for eight years, a lifeline to owners who would have had to repay the hefty debt from September, two sources told Reuters. “There is a structure on the table to extend the loan,” a banking source with direct knowledge of the matter told Reuters. The extension had been agreed to but not yet been signed by the parties, the source said. Mining giant Glencore Plc and its partners - owners of the world’s most expensive coal terminal - face a September deadline to refinance the loan or pay off the full amount over the next 15 years. Under the tabled deal, all free cash flow from the project will be used to pay down the loan, said two banking sources who declined to be named as the terms of the deal are private. A spokeswoman for W
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