Oxford amends credit facility leverage and expenditure requirements

By Sara Rosenberg

New York, Jan. 4 - Oxford Mining LLC amended its credit facility, modifying the leverage ratio and permitted capital expenditures, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Specifically, the leverage ratio was changed to 3.25 to 1 from 2.75 to 1 for the period from Jan. 1 through June 30, 2012 and to 3.00 to 1 thereafter. The amount of permitted capital expenditures for fiscal year 2011 was increased to $43 million from $40 million.

The amendment was completed on Dec. 28.

Lenders were paid a 25 basis point amendment fee.

Citicorp USA Inc. is the administrative agent on the deal.

Oxford Mining is a Columbus, Ohio-based producer of steam coal and surface mined coal.

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