Arch Coal amends facility to eliminate stock repurchase limit

By Angela McDaniels

Seattle, Oct. 6 - Arch Coal, Inc. amended its credit facility on Tuesday, eliminating the annual spending limit on stock repurchases and substituting a requirement that the company must be in compliance with specified financial ratios before it may repurchase any stock, according to an 8-K report filed with the Securities and Exchange Commission on Friday.

The company had roughly $70 million of borrowings and $28.1 million of letters of credit outstanding under the credit agreement at Sept. 30, according to the filing.

PNC Bank, NA is the administrative agent on the deal.

Arch Coal is a St. Louis-based miner, processor and marketer of bituminous and sub-bituminous coal with low sulfur content.

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