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Glencore seeks to sell Australia coal trains for over $750 mln

Published 2016-03-16, 07:38 p/m
© Reuters. Glencore seeks to sell Australia coal trains for over $750 mln
GLEN
-

MELBOURNE, March 17 (Reuters) - Glencore Plc GLEN.L said
on Thursday it has put its coal train fleet in Australia, called
GRail, up for sale, hoping to fetch more than A$1 billion ($755
million) in a hot market for infrastructure as it looks to cut
debt.
"Glencore is confident of fetching a sale price of above A$1
billion based on recent infrastructure sales in Australia," the
company's Australian spokesman, Francis De Rosa, said.
That estimate is based on the fact that the business had
A$100 million in earnings before interest, tax, depreciation and
amortisation (EBITDA) and recent infrastructure sales in
Australia have fetched between 11 and 15 times EBITDA.
($1 = 1.3263 Australian dollars)

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