Foundation PA Coal prepays $20 million of term B debt

By Sara Rosenberg

New York, Aug. 4 - Foundation PA Coal Co. voluntarily repaid $20 million of its term loan B bank debt, according to a company news release.

Combined with the $85 million paid down at the end of 2004, the company has repaid $105 million of the original $470 million loan.

Including this newest repayment, the company has reduced its leverage to about 3.1 times from 4.5 times at July 30, 2004.

Furthermore, with continued growth in EBITDA, the company expects its leverage ratio to be below 2.5 times by year-end.

Foundation PA Coal is an affiliate of Linthicum Heights, Md.-based coal producer Foundation Coal Holdings Inc.

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