Iron ore and Coal

Coronado completes first part of placement

Coronado completes first part of placement
Mining News Pro - Coal producer Coronado Global Resources has completed the institutional component of its 1-for-4.73 pro-rata accelerated non-renounceable entitlement offer, raising $87-million.
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The ASX-listed company on Thursday said that existing institutional holders had strongly supported the institutional entitlement offer, with the company’s largest shareholder, Energy & Minerals Group taking some 55.9%, or 72-million, of the chess depositary interests (CIDs) to maintain a 50.1% interest in the company.

“The institutional entitlement offer was well received and with the broader refinancing package, including $350-million of senior secured notes and the asset-based loan, we have created a capital structure that has increased our financial flexibility, extended our debt maturity profile, and diversified our funding sources,” said MD and CEO Gerry Spindler.

The retail component of the entitlement offer will open on May 11.


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