Contura Energy restates $225 million asset-based revolver due 2022

By Wendy Van Sickle

Columbus, Ohio, Nov. 13 – Contura Energy Inc. entered into an amended and restated credit agreement on Friday that provides for a $225 million asset-based revolving credit facility that matures on April 3, 2022, according to an 8-K filing with the Securities and Exchange Commission.

There is a $10 million sublimit for swingline loans and a $200 million sublimit for letters of credit.

Borrowings will bear interest at Libor plus a margin ranging from 200 basis points to 250 bps, depending on Contura’s average daily availability. The margin is initially 250 bps.

There is a commitment fee ranging from 25 bps to 37.5 bps, depending on availability, and a fronting fee of 25 bps on the face amount of each letter of credit.

Citigroup Global Markets Inc., Barclays Bank plc, BMO Capital Markets Corp. and Credit Suisse Securities (USA) LLC are the joint lead arrangers and bookrunners.

Citibank, NA is the administrative agent.

The amended and restated credit agreement was entered into in connection with Contura’s merger with Alpha Natural Resources Holdings Inc.

As previously reported, Contura also entered a $550 million seven-year senior secured first-lien term loan in connection with the merger.

Contura is a Bristol, Tenn.-based coal supplier with affiliate mining operations. Alpha is a Bristol, Tenn.-based coal miner. The combined entity will retain the Contura Energy name.

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