Hallador Energy Company announced that its wholly owned subsidiary, Sunrise Coal, completed a new five-year senior secured $165 million credit facility to replace its existing facility that was scheduled to mature in December 2012.
The new facility reflects the company’s financial strength and the confidence of that its lenders have in Sunrise, Hallador and the thermal coal business, the company said in a press release. “We are extremely proud to complete this facility considering the current slump in the coal business,” the company added.
PNC Bank served as the lead along with BB&T, UMB Bank, Old National Bank, Union Bank, First Merchants, First Financial and First Commonwealth. The new banks to the facility are BB&T, UMB and First Merchants.
The company said it will draw on the facility as needed for development of its new projects in Illinois and Indiana.