Tuesday , June 18 2019

Coronado seeks $1bn in Australian coal IPO


Coronado Global Resources Inc., a miner backed by private equity firm Energy & Minerals Group, and current investors are seeking to raise as much as A$1.4 billion ($1 billion) in what would be Australia’s largest coal initial public offering.
The company and existing holders are offering Chess Depository Interests at A$4 to A$4.80 each, according to a prospectus lodged with the nation’s regulator. That will give Coronado, the biggest US metallurgical coal producer, an enterprise value of as much as A$4.4 billion. Trading is scheduled to start October 23 on the Australian stock exchange, it said.
Coronado’s IPO is set to top Aston Resources Ltd.’s A$400 million listing in 2010 as Australia’s largest coal float, data compiled by Bloomberg show. A total of 290 million CDIs will be available under the offer, according to the prospectus.
Energy & Minerals will retain a 69 percent stake, new shareholders will own 30 percent and the rest will be held by management. A rebound in coal prices is helping producers generate significant returns again after a prolonged slump forced many to shut operations, shelve development projects and cut jobs. Coronado expanded into Australia last year with an agreement to purchase Wesfarmers Ltd.’s Curragh mine for A$700 million.

About Admin

Check Also

China LNG buyers seek to swap US cargoes after new tariffs

Bloomberg Liquefied natural gas buyers in China are seeking to swap their US shipments for ...

Leave a Reply

Your email address will not be published. Required fields are marked *