QR National Said to Seek Commitments for $2.7 Billion Loan by Sept. 10

QR National, an Australian state- owned freight operator, is seeking commitments by Sept. 10 for about A$3 billion ($2.7 billion) in loans for after an initial public offering, according to a person familiar with the plan.

QR National may agree to three- and five-year club loans, the person said, asking not to be named as talks are private.

The Queensland government is poised to decide in the next week whether it will pursue the QR National share sale, or accept a A$5.1 billion partial bid from coal mining companies, the Australian Financial Review reported yesterday. Anglo American Plc, which is part of the group of miners seeking to buy some of QR National’s assets, said Sept. 2 that a formal bid may be lodged this week.

The group, which accounts for 98 percent of Queensland’s export coal industry, made its first initial bid of A$4.85 billion in May. It got an acquisition loan of A$1.35 billion from Australia & New Zealand Banking Group Ltd., BNP Paribas and Citibank NA, and an A$2.05 billion facility to fund capital spending, according to a press statement at the time.

To contact the reporter on this story: Sarah McDonald in Sydney at smcdonald23@bloomberg.net.

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