Adani's Autralian coal port receives A$500mn private credit loan

14 Jun 2024 CW Team

The Adani Group unit controlling a significant Australian coal port, North Queensland Export Terminal Pty Ltd., has secured a private credit loan of approximately A$500 million, according to sources. The loan was provided by Farallon Capital Management and King Street Capital Management, as disclosed by individuals who requested anonymity due to the private nature of the transaction.

Spokespeople for the Adani Group, Farallon, and King Street declined to comment on the matter. Increasingly, Australian coal-related companies are resorting to higher interest-rate private loans as global banks become more hesitant to finance commodity-related businesses due to environmental, social, and governance (ESG) concerns. Earlier this year, Sydney-based coal miner Whitehaven Coal Ltd. secured a $1.1 billion loan for the acquisition of two mines, attracting 17 private credit lenders and only one bank. Similarly, a consortium led by Golden Energy and Resources Pte Ltd., controlled by Indonesia?s Widjaja family has approached direct lenders for funding.

The loan proceeds for Adani?s North Queensland Export Terminal are intended to refinance existing debt, according to the sources. A representative for the Adani Group also declined to comment. North Queensland Export Terminal, part of Bravus Australia, an Adani Group company, has operated the terminal under a 99-year lease acquired from a Queensland Government entity since June 2011.

Billionaire Gautam Adani?s ports-to-power conglomerate is one of India's largest thermal power producers with multiple coal-based plants. Despite recovering significantly from a damaging short-seller report last year, the group announced in December its plan to invest $100 billion in green energy over the next decade, aiming to become a net zero emitter by 2050. (Source: ET)

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