November 8, 2012 / 5:27 AM / in 5 years

Whitehaven says secures A$1.2 bln credit line

SYDNEY, Nov 8 (Reuters) - Australia’s Whitehaven Coal said on Thursday it has agreed a A$1.2 billion senior secured bank facility from Australia and New Zealand Banking Group for funding to help it build a new mine.

Whitehaven, which last week fended off a move by tycoon Nathan Tinkler to take control of its board, said the underwritten offer has a four-year tenor and will provide it with lines of credit up to A$1.2 billion.

Australia’s biggest independent coal miner, Whitehaven said part of the funds would be used for the development of its Maules Creek colliery in eastern Australia, which it plans to bring into production by early 2014.

Whitehaven’s shareholders last week spurned a move by Tinkler to oust the company’s chairman and independent directors. (Reporting by James Regan; Editing by Richard Pullin)

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