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Report: BHP Billiton off-loads A$100M exposure in Newcastle Coal

BHP Billiton Group has sold a more than A$100 million exposure in Newcastle Coal Infrastructure Group Pty. Ltd. to an unidentified buyer, The Australian Financial Review reported, citing unnamed sources.

According to the report, investment bank Rothschild secured a deal for a parcel of perpetual bonds at above par and the transaction was a strong result for both parties.

BHP decided to off-load the stake after deeming it noncore. Newcastle Coal has a long-term lease agreement on the Port of Newcastle, the world's largest coal exporter.