The successful issuance of the new notes is a significant milestone in the ongoing restructuring of Terracom's balance sheet.

The notes are highly bespoke instruments issued across a number of series, and include features such as an option for the Issuer to capitalise interest and a variable interest component linked to revenues, giving it much greater flexibility compared to many other debt facilities.

The refinancing also involved complex advice in relation to the refinance, conversion and restructuring of previously issued convertible notes, amortising notes and working capital facilities in the lead up to the new note issuance, as well as accommodating the recently announced acquisition by Terracom of the Blair Athol and the potential acquisition of a hard coking coal mining operation in Indonesia.

Partner Scott Bache said: “I congratulate everyone involved in assisting Terracom implement this complex cross border refinancing.

“The outcome gives Terracom the opportunity to progress its strategy of reducing the risk inherent in being a single mine and single country operator by assessing and pursuing acquisition opportunities.”