Farallon and King Street approve AUD500m private credit loan for Australian coal port

Private Equity Wire

Adani Group’s North Queensland Export Terminal, which controls a significant Australian coal port, has secured a private credit loan of approximately AUD500m ($333m), according to a report by Bloomberg. 

The loan was obtained from Farallon Capital Management and King Street Capital Management, according to Bloomberg’s sources. The funds raised through said loan are intended to refinance existing debt. 

The loan to Adani Group marks a trend among Australian coal-related companies towards higher interest-rate private loans, as global banks become increasingly hesitant to finance commodity-related companies due to ESG concerns. 

Sydney-based coal miner Whitehaven Coal secured a $1.1bn loan earlier this year to acquire two mines, involving 17 private credit lenders and just one bank, while a consortium led by Golden Energy and Resources, controlled by Indonesia’s Widjaja family, has also approached direct lenders for funding. 

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