Pembroke chairperson, CEO and founder Barry Tudor
Coking coal miner Pembroke Olive Downs has successfully raised $550-million of senior secured bonds to refinance its debt and to support the next stage of its expansion at its steelmaking coal mine in the Bowen basin of Queensland.
The company raised the bonds in the Nordic corporate bond market. Settlement of the five-year bond transaction issued at 11.5% is expected to occur in March.
“The bond received strong support from investors globally, demonstrating the confidence of the market in Pembroke and in the Olive Downs complex,” said Pembroke chairperson, CEO and founder Barry Tudor.
“The new funding will allow us to continue to capitalise on the enormous growth potential of Olive Downs, unlocked by expanding operations in Stage 2 from the existing six-million-tonnes-per-annum level to at least 12-million tonne per annum,” said Tudor.
Since its official opening in April last year, Olive Downs has shipped more than 2.8-million tonnes of high-quality steelmaking coal to Australia’s key export markets.
About 600 new jobs have been created in its first stage of operation, with up to 1 000 jobs expected in the second stage expansion. 