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Alpha Natural Resources to launch Thursday
By Paul A. Harris
St. Louis, Oct. 3 - Alpha Natural Resources Inc. will launch its $500 million credit facility on Thursday, according to a market source.
Citigroup and UBS are joint bookrunners, with Citigroup as the left lead.
The facility is comprised of a $250 million five-year revolver with pricing estimated around Libor plus 175 to 200 bps, and a $250 million seven-year term loan B. with pricing estimated around Libor plus 175 to 200 bps.
Proceeds will be used to help fund the acquisition of coal reserves and operations affiliated with the privately held Nicewonder coal group in southern West Virginia and southwestern Virginia and refinance the company's existing $175 million revolver.
The company is an Abingdon, Va., Appalachian coal producer.
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