Wall Street banks Jefferies and Bank of America are understood to be the lenders behind Whitehaven Coal’s winning $US3.2 billion bid for BHP’s Queensland coal mines, Blackwater and Daunia.
BHP has sold two of its Queensland mines, Daunia and Blackwater, but is keeping its most valuable coking coal mines.It is understood the two banks put up the money for Whitehaven’s $US900 million bridge debt facility, which is expected to be replaced with longer-term debt funding eventually. Nevertheless, it should get the two banks close to Whitehaven Coal for its future investment banking needs.
The mines’ minority owner, Mitsubishi, was advised by Rothschild & Co. The suitors had lobbed bids for individual mines and both together.
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