History
Coronado, a coal miner, survived a 2020 covenant crisis through a rescue refinancing, then by late 2025 relied on its largest customer, Stanwell, for financial support.
2019-2020: A long-term customer and a price shock
In July 2019 Coronado Curragh signed a 10-year coal supply agreement with Queensland state-owned power generator Stanwell, covering 2 million tonnes a year of thermal coal from as early as 2027 at a fixed formula price. In September 2019 Coronado amended its Westpac-led bank facility, pushing the maturity of its existing $350 million and A$370 million revolving facilities out to February 2023 and adding a new $200 million facility.
The next year brought trouble. In March 2020 Coronado replaced its auditor KPMG with EY, disclosing an earlier disagreement over how a deferred tax liability from its 2018 pre-IPO reorganisation should be classified. The company ended up adopting KPMG's position. In June 2020 it said it expected a non-cash impairment of about $60-70 million on its idled Greenbrier mine in the US, as weak demand and prices for metallurgical (steelmaking) coal weighed. It also said 2020 saleable production should be 16.5-17 million tonnes after most US mines restarted on 1 June.
2020-2021: Waiver, equity and refinancing
Coronado had been under a covenant waiver on its Westpac facility since May 2020, meaning lenders had agreed not to enforce the facility's financial tests. In August 2020 they agreed to extend it, but only if the company raised new equity to pay down the debt. Coronado launched a $180 million share offering, and shares on issue rose from about 96.7 million at the end of 2019 to about 138.4 million at the end of 2020.
In April 2021 it launched a full refinancing: $350 million of secured notes, a new $100 million asset-based revolving facility, and at least $100 million of new equity. In May the notes were priced at 10.750%, a high rate, and the equity leg raised $100 million through about 29.26 million new shares issued as CDIs to existing holders. The refinancing closed on 14 May 2021, and the proceeds fully repaid and ended the Westpac facility. Shares on issue stood at about 167.6 million by the end of 2021.
2022-2024: Quieter years and cheaper debt
The record for 2022 is quiet. In May 2023 Coronado swapped its $100 million revolving facility for a larger $150 million one from HSBC and DBS Bank. In September 2024 it launched a $400 million secured notes offering due 2029 to redeem the remaining $242.3 million of its 10.750% notes. The offering closed in October at 9.250%, about 150 basis points cheaper, which pointed to better credit standing than in 2021.
2025: Leaning on its biggest customer
The relief did not last. In June 2025 Stanwell agreed to waive about $75 million of rebates owed to it through the end of 2025 and to prepay Coronado roughly $75 million, in exchange for optional extra coal supply from 2027 to 2032. A week later HSBC and DBS left the revolving facility, and Highland Park XII, an affiliate of Oaktree Capital Management, replaced them at 15% interest plus a 9% fee on undrawn amounts.
In November 2025 Stanwell itself replaced Oaktree, providing a new AUD$406.6 million (US$265 million) revolving facility at 9-12%. It came with a wider support package of rebate waivers, prepayments and deferrals through 2027, and the supply agreement was extended from 2037 to 2043. The size of the prepayments was tied to Coronado's monthly cash balance, against thresholds of US$200 million, $250 million and $300 million, and new limits were placed on paying dividends. As of the latest record, in August 2026, the company's largest customer was also its main lender, and shares on issue were unchanged at about 167.6 million.
Written from the 15 story beats below (2019 to 28 Nov 2025), which come from the company's own announcements and filings.