Commentary & Deal Flow

GEAR M NSW HCC Pty Ltd (GM3), Rated B+ (Stable) by S&P and B+ (Stable) by Fitch, has mandated Barc/BofA/DB as joint global coordinators and joint bookrunners, and Mandiri Securities as joint bookrunner to arrange a series of fixed income investor meetings across Asia Pacific, Europe and the United States, commencing on Oct 15. DB is the logistics coordinator globally.

An offering of US$500m 5yNC2 senior secured partially amortizing (WAL ~4.6y) fixed rate 144A/Reg S notes may follow, subject to  market conditions. The notes are rated BB- by S&P and BB- by Fitch.

The net proceeds from the offering of the notes, together with proceeds from a new US$100m term loan and existing liquidity, are intended to repay all outstanding amounts under the US$600m private credit acquisition term loan facility and cancel the acquisition facility in full. 

GM3 is a leading Australian premium metallurgical coal producer, with key shareholders including Golden Energy and Resources Pte Ltd (c.51%), JSW Steel (c.30%), Posco (c.12%) and M Resources (c.7%). GM3, formerly Illawarra Metallurgical Coal, was acquired from South32 in 2024 for $1.65 billion by a consortium of Indonesia’s Widjaja family-controlled Golden Energy and Resources Ltd and Australian miner M Resources Ltd. It is headquartered in Brisbane, Australia.

Netroadshow direct link: https://urldefense.com/v3/__https:/www.netroadshow.com/nrs/home/*!/?show=5576100d__;Iw!!KE2hBTbTeqtRsZdp!UXw02tyRgxcx5MXQ_7oy-1sHiNkBTecjbQ1JXwQ6Y1qBaJ6ZvYqqAIyiV6WLcNveHQwxS4nRJyYpVmE$. Entry code: REV_GM326.