Whitehaven Metallurgical Coal Acquisition Presentation
Sources and uses
A prudent, low-risk funding structure that preserves Whitehaven's balance sheet strength and flexibility
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Initial acquisition funded via a combination of available
cash and a bridge facility
Bridge facility expected to be replaced expeditiously with
longer term debt funding, with the intention of maintaining
a strong balance sheet through the cycle
Allows Whitehaven to optimise long term funding mix
Range of debt funding sources being considered
Opportunities are being considered for a sell down to global
steel producers as strategic joint venture partners
Focused on maintaining a strong balance sheet through the
cycle, with conservative gearing¹ of ~20% expected following
the acquisition; net debt/EBITDA expected to be at the lower
end of our leverage target of 0.5x-1.5x including deferred
payments
Deferred and contingent commitments to be funded from
the strong cash generating profile of Whitehaven's
enlarged group over FY25, FY26 and FY27
Uses of funds
US$m
Upfront consideration
2,100
Stamp duty and transaction costs
Total uses
276
2,376
Sources of funds
US$m
-
Cash Internal Sources
1,476
Acquisition bridge
900
Total sources
2,376
10
1.
Net debt/ (Net debt + Equity) with net debt including the US$900m bridge facility, on a pro-forma March FY24F basis
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