Moody's rates Armstrong notes B3

Moody's Investors Service said it assigned B3 corporate family and probability of default ratings to Armstrong Energy Inc. and a B3 rating to its proposed $200 million senior secured notes due 2019.

The outlook is stable.

The proceeds from the proposed note offering will be used to repay certain indebtedness, fund capital expenditures for mine development and to support potential reserve acquisitions.

The company plans to pay down the outstanding balance on its term loan and revolving credit facility and to establish a new credit facility with a borrowing limit of $50 million, Moody's said.

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