Moody’s gives Contura CFR, loan B2

Moody's Investors Service said it assigned Contura Energy, Inc. a provisional B2 corporate family rating and a provisional B2 rating to its secured term loan.

The outlook is stable.

In July 2016, Contura completed the acquisition of certain core coal assets from Alpha Natural Resources in connection with Alpha's restructuring.

“Formed by a group of Alpha's first-lien lenders, Contura was created to acquire and operate Alpha Natural Resources' core operations in Northern Appalachia (including the Cumberland mine complex), all of Alpha's operations in the Powder River Basin and certain assets in Central Appalachia (the Nicholas mine complex in Nicholas County, W.V., and the McClure and Toms Creek mine complexes in Dickenson and Wise Counties, Va.). Contura also purchased Alpha's 41% interest in the Dominion Terminal Associates coal export terminal in eastern Virginia,” Moody’s said in a news release.

Proceeds from the $400 million offering are expected to refinance Contura's existing long-term debt, liabilities and for general corporate purposes.

© 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.