Arch Coal, Inc. ACI today
closed on its previously announced $375 million senior unsecured notes and
$250 million incremental secured term loan. Under the terms of the credit
agreement, the $250 million incremental term loan will reduce the size of
Arch's revolving credit facility to $350 million from $600 million. The
company intends to use the net proceeds from these financings for general
corporate purposes. Following these transactions, Arch has cash and
investments of $1.2 billion and total available liquidity of approximately
$1.4 billion, on a pro forma basis as of Sept. 30.
Separately, Arch successfully amended its senior secured revolving credit
facility, relaxing the financial maintenance covenants until Dec. 31, 2015.
Among other revisions, Arch must adhere to a minimum liquidity covenant that
requires the company to maintain available liquidity of at least $450 million
through Dec. 30, 2015.
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