Alpha Natural Resources amends loan, increasing revolver to $375 million

By Sara Rosenberg

New York, April 3 - Alpha Natural Resources Inc. amended its credit facility, increasing the revolver size to $375 million from $275 million, according to an 8-K filed with the Securities and Exchange Commission Thursday.

In addition, all negative covenants were removed and in their place, the company has covenants restricting it from, among other things, changing its fiscal year, acquiring any division of or assets constituting a line of business of any other person or engaging in any line of business, and incurring any debt, unless Alpha Natural Resources LLC would be in pro forma compliance with the credit agreement's maximum leverage ratio and minimum interest coverage ratio.

The upsizing amendment was completed on March 28 and the covenant amendment was completed on March 31.

Citicorp is the administrative agent on the deal.

Alpha Natural Resources is an Abingdon, Va.-based producer, processor and seller of steam and metallurgical coal.

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