Hallador Energy closed on a credit facility amendment with its administrative agent, PNC Bank.
The amendment resets the existing credit facility’s maturity to four years (a 16-month extension), expiring in September 2023. Additionally, interest associated with the facility was reduced by .50% to LIBOR plus 3.00% in its current pricing grid. The $238 million credit facility (of which $172 million is currently outstanding) is comprised of a $118 million term loan and $120 million revolver.
“Our bank group’s willingness to improve the terms of our credit facility that was originally agreed to only 17 months ago, speaks to the strength of Hallador’s contracted sales position. Hallador remains 77% contracted through 2022, affording our bank group and investors excellent cash flow visibility. We thank our bank group for their unanimous support of this extension and rate reduction,” said Brent Bilsland, president, CEO & chairman of Hallador Energy Company.
Hallador is headquartered in Terre Haute, IN and through its wholly owned subsidiary, Sunrise Coal, produces coal in the Illinois Basin for the electric power generation industry.
