Stockholders from Alpha Natural Resources and ANR voted affirmatively to adopt the the companies’ plan of merger, which would result in Alpha’s acquisition by Contura Energy.
Alpha Natural Resources entered into a new $60 million A/R purchase facility with Hitachi Capital America and a new $200 million letter of credit facility with Citibank.
Moody’s has assigned a B1 rating to the $300 million DIP term loan entered into by Alpha Natural Resources as it goes through its Chapter 11 restructuring process.
Alpha Natural Resources anticipates a final order from the bankruptcy court authorizing the use of $692 million in DIP financing. Citigroup Global Markets was said to be the lead arranger for the lenders.
Coal producer Alpha Natural Resources filed for Chapter 11 in an effort to cut its debt load. Court documents show pre-petition loan balances owing of $611 million to Citibank and $445 million to GE Capital.
Alpha Natural Resources amended and extended its credit facility and established a new A/R securitization facility. GE Capital, Corporate Finance is serving as administrative agent, a lender and a letter of credit lender.
Alpha Natural Resources entered into an amendment of its secured credit facility. Citi acted as administrative agent and collateral agent for the transaction.
U.S. coal producer Alpha Natural Resources said it has amended its credit facility increasing the total amount from $1.6 billion to $1.725 billion. Citicorp acted as administrative and collateral agent for the lender group.