Bowen Coking Coal Ltd (ASX: BCB) has reached agreements with senior and subordinated lenders, Taurus Mining Finance Fund No. 2, L.P. and New Hope Corporation, to amend their loan facilities. The key changes include extending the loan terms and deferring principal repayments for 12 months. Additionally, there will be a modest increase in interest margins and royalties. This move is supported by BCB's debt providers as it allows the company to manage its debt while working towards steady-state production at the Ellensfield South Pit within the Burton Complex.
The first ROM coal from this pit is currently undergoing coal quality analysis, with trial cargoes scheduled for December 2023. Grant Samuel is the financial adviser, and Gilbert + Tobin serves as legal counsel for the debt extension. BCB's Chief Financial Officer, Daryl Edwards, highlights that this agreement aligns with their strategy to maximize profitability and shareholder returns, and they have achieved record shipments in the last quarter.
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