James River Coal structure emerges on $135 million credit facility

By Sara Rosenberg

New York, Feb. 5 - James River Coal Co. released details on the structure of its proposed $135 million senior secured credit facility, according to an 8-K recently filed with the Securities and Exchange Commission.

The facility consists of a $60 million synthetic letter-of-credit facility, a $40 million six-year term loan B and a $35 million five-year revolver, the filing said.

Morgan Stanley is the lead arranger on the synthetic letter-of-credit facility and the term loan B, and General Electric Capital Corp. is the lead bank on the revolver.

Proceeds will be used to refinance existing secured debt and replace existing letters of credit, to provide for working capital and for other general purposes.

James River Coal is a Richmond, Va., producer of steam and industrial-grade coal.

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