Hallador Energy entered into a new $267 million credit agreement with PNC Bank as administrative agent, extending the term of the agreement through May 2022.
The $267 million facility is comprised of a $147 million term loan and a $120 million revolver. In addition to extending the term of the facility, the loan substantially reduces debt service requirements and moves the loan from the Sunrise Coal level to the Hallador level, allowing for investments in Hourglass Sands as opportunities arise.
“We are happy to put our credit needs to bed for the next four years, and will continue our intense focus on debt reduction. Since the original credit facility was established in August 2014, we have paid down $144 million of debt,” said Brent Bilsland, president, CEO and chairman of Hallador Energy.
Denver-based Hallador through its wholly owned subsidiary, Sunrise Coal, produces coal in the Illinois Basin for the electric power generation industry.
