Paringa secures $20m for Poplar Grove development

Coal developer Paringa Resources has secured a five-year $20-million debt facility from Macquarie Bank to develop its Poplar Grove mine, in Western Kentucky’s Illinois basin. The loan facility includes a floating interest rate comprising the three-month London Interbank Offered Rate plus a margin of 10.5% a year during construction, falling to a 9.5% margin for the remainder of the loan term.