Wyoming-based producer Cloud Peak Energy entered into the second amendment of its 2014 credit agreement with PNC Bank as administrative agent.

The maximum borrowing was reduced from $500 million to $400 million. The amended agreement replaced the quarterly EBITDA-based financial covenants with a maximum net secured debt leverage ratio, with a new monthly minimum liquidity covenant that requires CPE Resources to maintain liquidity of not less than $125 million as of the last day of each month.

The maturity of the facility remains February 21, 2019.