Arch Coal (ACI) Launches $250M Secured Term Loan; Will Reduce Revolving Facility
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Arch Coal, Inc. (NYSE: ACI) today announced that it has launched a $250 million incremental, senior secured term loan due 2018, pursuant to an uncommitted accordion provision in the company's existing revolving credit agreement. Completion of the new term loan offering would reduce the size of the company's revolving credit facility to $350 million from $600 million. Concurrent with the term loan offering, Arch announced that it has commenced a private offering of $350 million in senior unsecured notes due 2019.
Arch intends to use the net proceeds from the offering of the senior notes and the term loan for general corporate purposes. Upon completion of these efforts, Arch expects to have a cash and marketable securities balance in excess of $1.2 billion.
Arch intends to use the net proceeds from the offering of the senior notes and the term loan for general corporate purposes. Upon completion of these efforts, Arch expects to have a cash and marketable securities balance in excess of $1.2 billion.
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