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A unit of Australia’s Coronado Global Resources Inc. sold a rare bond in the dollar market by a coal miner, joining only a few other issuers to do so this year.
Coronado Finance Pty Ltd. raised $400 million on Tuesday with the sale of a five-year note that can be called after two years, according to data compiled by Bloomberg. The junk-rated bond was sold at a yield of 9.25%, which compares with an average of about 6.7% for debt securities with similar ratings across all corporate sectors, according to data compiled by Bloomberg.
Bonds of coal miners have become increasingly rare in the dollar market as fund managers in the public market globally cool on debt tied to industries associated with higher carbon emissions. That has led more miners to turn to funding from private credit managers, such as a $600 million loan signed by Singapore’s Golden Energy and Resources in July from funds including Davidson Kempner Capital Management LP.
Indonesia’s Indika Energy is the only other coal miner in the Asia Pacific to sell dollar notes this year, while US coal producer Alliance Resource Operating Partners LP’s May fundraising is another rare example of such a deal.
Both those issuers priced the debt with coupons in excess of 8.5%. Local-currency bond deals of Asian coal miners are more common, with Shaanxi Coal & Chemical Industry Group Co. selling notes in the yuan market earlier this month.
(By Finbarr Flynn and Sharon Klyne)
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