Australian tycoon Nathan Tinkler has offloaded its 19% stake in Whitehaven Coal to a lending syndicate led by US-based Farallon Capital Management to refund its debt of $634m.

Farallon has acquired 9.91% stake in held by Tinkler for A$300m ($276.7m), becoming the majority stakeholder in the company. In addition, the institution has acquired 1.63% from ASM Equities Fund.

Remaining ownership in the company is acquired by other members of the Tinkler lending syndicate.

Whitehaven Coal managing director Paul Flynn said that it has a potential alliance with Farallon and added that the company is delighted with American equity firm’s additional investment in the business.

We look forward to continuing to deliver on our growth plans and to creating value for all of our shareholders," added Flynn.