Trout Coal $420 million credit facility to launch Feb. 23

By Sara Rosenberg

New York, Feb. 16 - Trout Coal Holdings LLC is scheduled to hold a bank meeting on Feb. 23 to launch its proposed $420 million credit facility, according to a market source. Lehman and Deutsche Bank are the lead banks on the deal.

The facility consists of a $20 million revolver, a $275 million first-lien term loan B and a $125 million second-lien term loan C, the source said.

Proceeds will be used to refinance existing debt and pay a dividend to sponsor ArcLight Capital Partners.

Trout Coal is a Central Appalachia, W.Va., coal mining company that currently owns five operating coal mines in Central Appalachia and mine developments in West Virginia and Illinois.

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