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Arch Coal Completes Senior Note and Term Loan Offerings, Amends Credit Facility - Shares Climb 1%
11/21/2012 1:53:00 PM
By: MT Newswires
Arch Coal Inc. ( ACI ) is up 0.62% to $6.44 after announcing the closing of its previously announced $375 million senior unsecured notes and $250 million incremental secured term loan.
Under the terms of the credit agreement, the $250 million incremental term loan will reduce the size of ACI's revolving credit facility to $350 million from $600 million. The company intends to use the net proceeds from these financings for general corporate purposes. Following these transactions, the company has cash and investments of $1.2 billion and total available liquidity of approximately $1.4 billion, on a pro forma basis as of September 30.
ACI is trading in the shallow end of the stock's 52-week range of $5.16 - $16.88. Shares have fallen 56% in the last 12 months.