Massey Energy gets $130 million asset-based revolver

By Sara Rosenberg

New York, Jan. 21 - Massey Energy Co. closed on a new $130 million five-year asset-based revolver that has a $100 million sublimit for letters of credit.

Initially, this revolver will support $36 million of letters of credit previously supported by cash collateral, according to a company news release.

The new loan replaces the existing undrawn $80 million accounts receivable-based financing program.

Massey Energy is a Richmond, Va., coal company.

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