Alpha Natural Resources borrows $445 million under revolving facility

By Marisa Wong

Madison, Wis., July 7 – Alpha Natural Resources, Inc. borrowed $445 million under its revolving credit facility on June 30, according to an 8-K filing with the Securities and Exchange Commission.

About $138 million of this amount carries an interest rate of 5.25% and matures on June 30, 2016, which is the expiration date of the revolving commitments of the associated lenders. The other roughly $307 million carries an interest rate of 6.25% and matures on Sept. 30, 2017, which is the maturity date of the revolving credit facility.

About $126 million of the borrowed amount is earmarked for replenishing funds used in connection with an acquisition by one of the company’s subsidiaries of an interest in Pennsylvania Land Resources Holding Co., LLC. The company intends to use the remaining borrowings for general corporate purposes, including for working capital.

The company entered into the fifth amended and restated credit agreement on Sept. 24, 2014 with Citicorp North America, Inc. as administrative agent and collateral agent.

Alpha is a Bristol, Va., coal mining company.

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