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Anglo Pacific ups and extends bank loan

Anglo Pacific’s strong performance over the past 12 months has helped the company increase its credit facility with a trio of banks to US$90 million from US$60 million and extend the term by a year to September 2022.
Anglo Pacific ups and extends bank loan Anglo Pacific ups and extends bank loan Anglo Pacific ups and extends bank loan Anglo Pacific ups and extends bank loan Anglo Pacific ups and extends bank loan

Anglo Pacific's Kestrel coal mine is located in the Bowen Basin, Queensland, Australia

Staff reporter

Lenders Barclays, Investec and Scotia included an accordion feature in the revolving credit facility, worth a further US$30 million.

Anglo said the increase "reflects the group's additional borrowing capacity associated with the significant increase in volumes and revenue from Kestrel, along with the additional US$75m (£62.5m) of income producing assets acquired in 2019".

Income from the Kestrel coal mine in Queensland, Australia, for the first nine months of 2019 amounted to £30.3 million up 36% year on year.

"With over US$75m of liquidity potentially available, we are in a strong financial position to continue growing and diversifying our portfolio," the company's CEO Keith Flynn said in a statement.

London-listed Anglo Pacific's share price stood at 173p on Wednesday, down from just under 200p mid-December. The company's market capitalisation is £315 million.