Alpha Natural Resources (ANR), a U.S. coal supplier, announced it has amended and extended its senior secured credit facility and established a new accounts receivable securitization facility, further enhancing the company’s long-term financial flexibility.
The new accounts receivable securitization facility provides for up to $200 million in standby letters of credit and working capital draws, subject to certain limitations, secured by trade receivables.
The borrower under the accounts receivable securitization facility is a special purpose, indirect subsidiary of ANR. Funding under the accounts receivable securitization facility is expected to be available until September 2018.
GE Capital, Corporate Finance is serving as administrative agent, a lender and a letter of credit lender.
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