Coronado Global Resources Inc.

Coronado replaced Oaktree's punitive 15% facility with a new AUD$406.6 million (US$265 million) revolving facility from Stanwell itself - its largest coal customer - at a much lower 9-12% rate, alongside a deeper coal-supply financial support package (rebate waivers, prepayments and deferrals through 2027, the NCSA extended from 2037 to 2043) with prepayment amounts explicitly tied to Coronado's monthly cash liquidity (US$200M/$250M/$300M thresholds) and new restrictions on paying dividends - real relief, but also confirmation of just how dependent Coronado had become on its own customer for financial survival.

debt financing

Coronado's bank lenders (HSBC and DBS) exited its revolving credit facility, replaced by Highland Park XII, an affiliate of distressed-credit specialist Oaktree Capital Management, on punitive terms: 15% annual interest plus a 9% fee on undrawn amounts - a clear signal that mainstream bank credit was no longer available on acceptable terms.

debt financing

With Coronado apparently under renewed financial pressure, its largest thermal coal customer Stanwell agreed to waive about $75 million of rebates owed to it through the end of 2025 and to prepay Coronado roughly $75 million now (in exchange for optional extra coal supply from 2027-2032) - real cash relief from a customer, a sign of real distress even as it offers real support.

material agreement

Coronado closed its $400 million notes offering, pricing the new 2029 notes at 9.250% - about 150 basis points cheaper than the 10.750% notes they replaced, confirming the credit-quality improvement since 2021.

debt financing

Coronado launched a new $400 million secured notes offering (due 2029) to opportunistically redeem its remaining $242.3 million of 10.750% notes from the 2021 crisis-era refinancing - a sign of improved credit standing three years on.

capital raising announcement

Coronado replaced its 2021 Citibank-led $100 million asset-based revolving facility with a new, larger $150 million facility from HSBC and DBS Bank.

debt financing

Coronado's refinancing closed: escrowed note proceeds plus the equity raise proceeds were released and used to fully repay and terminate the Westpac syndicated facility, ending the covenant-waiver crisis that had run since May 2020.

debt financing

Coronado priced $350 million of 10.750% Senior Secured Notes due 2026 at 98.122% of face value - a high coupon that reflected the company's weakened credit standing after a year under covenant waiver.

capital raising announcement

Coronado priced the equity leg of its refinancing: $100 million via 29.26 million new CDIs offered to existing holders.

capital raising announcement

Coronado launched a complete refinancing to escape its distressed Westpac facility: a new $350 million secured notes offering plus a new $100 million asset-based revolving facility plus at least $100 million of new equity, with proceeds earmarked to fully repay and terminate the Westpac syndicated facility that had been under covenant waiver since 2020.

capital raising announcement

With Coronado already under a covenant waiver on its Westpac facility since May 2020, lenders agreed to extend that waiver further - but only on condition the company raise new equity to pay down the facility; Coronado launched a $180 million share offering (institutional placement plus entitlement offer) to satisfy that condition and avoid the waiver lapsing.

capital raising announcement

Coronado wrote down its Greenbrier mining property in the US by an expected $60-70 million and cut its 2020 production outlook, as COVID-era demand weakness pushed metallurgical coal prices down.

production update

Coronado dismissed KPMG and engaged EY as auditor, disclosing a real (if resolved) prior disagreement over how a 2018 pre-IPO corporate reorganization's deferred tax liability should be classified - the company ultimately adopted KPMG's position - and a related material weakness KPMG had flagged.

auditor change

Coronado amended its Westpac-led syndicated credit facility, extending the maturity of its existing $350 million and A$370 million revolving facilities to February 2023 and adding a new $200 million facility.

debt financing

Coronado Curragh signed a 10-year New Coal Supply Agreement with Queensland state-owned power generator Stanwell, committing to deliver 2 million tonnes/year of thermal coal from as early as 2027 at a fixed formula price - a major long-term customer relationship that would become far more consequential in 2025.

material agreement