Alpha Metallurgical prepays remaining $99.4 million under term loan

By Marisa Wong

Los Angeles, June 6 – Alpha Metallurgical Resources, Inc. made a voluntary prepayment of $99.4 million on its term loan on June 3, which eliminated all remaining principal and paid the loan in full, according to a Monday press release.

“Today we are pleased to announce that Alpha’s term loan has been paid in full, eliminating our long-term debt,” David Stetson, Alpha’s chair and chief executive officer, said in the press release.

“As we have mentioned consistently over the past few quarterly calls, this is a critically important milestone for our company, and a significant step in further strengthening Alpha’s balance sheet. In just under a year’s time, more than $550 million has been paid toward eliminating Alpha’s long-term debt load, which allowed us to extinguish the term loan and its carrying costs two years ahead of maturity.”

Alpha Metallurgical is a Bristol, Tenn.-based mining company with operations across Virginia and West Virginia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.