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Paringa secures US$56M facility to advance Poplar Grove, fund existing debt

Paringa Resources Ltd. secured a US$56 million term loan facility to refinance existing debt, expand development of the Poplar Grove coal mine, part of the Buck Creek Complex in Kentucky, and for working capital.

The facility from Tribeca Global Resources Credit Pty. Ltd. will fully fund the company to start expansion at of its Poplar Grove project to 2.8 million tonnes per annum, it said March 20.

The expansion was previously planned to be funded out of free cash flow.

The three-year senior secured facility will accrue interest at U.S. prime rate plus a 7.50% margin, and Paringa expects to draw upon it by April 30.

Meanwhile, the company's existing lender Macquarie Bank Ltd. committed to provide the final US$6.7 million tranche under its US$20 million facility, subject to full repayment by April 30.