[FUNDING NEWS] Singapore-Based Golden Energy and Resources Raises $850 Million in Funding

According to two people acquainted with the situation,Golden Energy and Resources Illawarra Met Coal would receive a $600 million loan from a syndicate consisting of five private credit lenders and one international investment bank for the purchase of South 32's Illawarra metallurgical coal business.

South32 announced that it had reached a deal to sell the New South Wales business for $1.65 billion, giving up coal to concentrate on growing its copper and zinc operations.

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The Widjaja family of Indonesia, which owns the bulk of Company, will control 70% of the consortium, with the other 40% being owned by the privately held Australian coal business M Resources.

According to the sources, the investment round includes A$150 million ($100 million) in guaranteed facilities from banks and insurers, as well as an extra $150 million in working capital. With a coupon of 850 basis points higher than the benchmark U.S. overnight financing rate SOFR, the facility has a five-year term.

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Grant Samuel was the required consultant. Email inquiries for comment sent outside of regular office hours were not answered by Grant Samuel or GEAR. M Resources said that she would not comment.

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GEAR prioritises precious and base metals and metallurgical coal for steel manufacturing, global infrastructure, and the energy transition.