I did actually think it may be lower.
However, their is sitll significant risk for lenders should the Met coal price and Thermal coal price roll over, given the persistent recession fears.
Lenders aren't going to have a lot of security if the world suddenly doesn't want coal mines again, which was only 4 years ago we had companies like Tribeca writing off all their thermal coal loans.
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/coal/032620-more-coal-mine-closures-bankruptcies-to-come-as-demand-drops-during-coronavirus-pandemic-moodys
Debt refi, page-11
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$7.26 |
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