NWR announced the close of the € 141m nine year loan facility guaranteed by the export credit agency ("ECA") of the Federal Republic of Germany. The facility serves to finance the acquisition of five new longwall sets under the second stage of NWR's Productivity Optimisation Programme ("POP 2010"). Our view: We think the news is positive as the successful completion of the financing emphasizes the strong credit status of NWR under the current market circumstances. As the news was broadly expected by the market, we envisage neutral trading impact on it.