The loan will allow Paringa to refinance its existing $21.7 million debt with Macquarie, for working capital, and to accelerate the expansion of its Poplar Grove coal mine in Kentucky to 2.8 million tonnes per annum.

Macquarie is supportive of the refinancing.

The company said the three-year facility was an attractive funding option that provided low overall cost, low dilution and flexibility in relation to early repayment.

"We are very pleased to have mandated Tribeca to arrange a highly competitive and flexible term loan facility," Paringa managing director Egan Antill said.

"The debt financing proposal from Tribeca is a great endorsement of the Poplar Grove coal mine and significant milestone for Paringa in accelerating production to 2.8Mtpa."

Poplar Grove is currently ramping up to 2Mtpa with first sales of processed coal due to be delivered to cornerstone customer LG&E next week.

Paringa estimates that at long-term committed contract prices and steady state production of 2.8Mtpa, Poplar Grove will generate 2021 and 2023 EBITDA of around A$40 million and $50 million, respectively.

Shares in Paringa were untraded at A13c, valuing the company at just under $60 million.