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General

Newcastle Coal Infrastructure Group ("NCIG") is pleased to announce the completion of a US$634m refinancing with a syndicate of eight banks ("the Transaction").

The primary purpose of the Transaction was to refinance US$450m of bank debt maturing in March 2018. Due to strong lender demand, the facility was upsized to refinance further debt.

Each of NCIG’s existing banks participated in the new five-year facility at current or higher hold levels, with two new commercial banks joining the lender group.

The Transaction continues NCIG’s proactive approach to managing its capital structure and taking advantage of constructive and supportive debt markets that enable extension of its maturity profile at competitive rates. NCIG continues to monitor debt markets that enhance the capital structure and cost of funds.

Mr John Kite, CFO of NCIG said "We are very pleased with the refinancing, which is competitively priced, broadens our lender base, and increases our average debt tenor, with our next debt maturity now being in March 2019."

Mr Aaron Johansen, CEO of NCIG said, "The refinancing caps off an excellent financial year for NCIG, where we safely achieved record annual throughput of 54 million tonnes and proved our capability to deliver nameplate capacity of 66 million tonnes per annum.

"We also received ISO14001 certification for our Environmental Management System, achieved record low operating costs, continued our strong program of community engagement and had our credit rating raised to BBB by Standard and Poor’s. This sets NCIG up for its shippers to take full advantage of the continuing growth in demand from Asia for coal exports from Newcastle," Mr Johansen said.

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