PinnOak Resources to launch $175 million credit facility Tuesday

By Sara Rosenberg

New York, Oct. 27 - PinnOak Resources LLC is scheduled to hold a bank meeting on Tuesday to launch its proposed $175 million senior credit facility, according to a market source.

UBS is the lead arranger on the deal.

The facility consists of a $50 million six-year revolver and a $125 million seven-year term loan, the source said, adding that price talk is not yet available.

Proceeds will be used to refinance existing indebtedness and pay a dividend to equity holders.

PinnOak is a Pittsburgh-based domestic producer of high quality, low volatile metallurgical coal.

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