The following is a press release from Standard & Poor's:
-- U.S.-based coal producer Alpha Natural Resources Inc.(ANRZQ) has received
final bankruptcy court approval for its debtor-in-possession (DIP) first- and
second-out credit facilities due Feb. 6, 2017.
-- The first-out DIP facilities include a $300 million term loan, a $100
million bonding accommodation facility, and the potential for a revolving
credit facility of up to $200 million.
-- We are assigning a 'B+' point-in-time rating to Alpha's $300 million
DIP term loan. The corporate credit rating on the company remains 'D'.
DALLAS (Standard & Poor's) Oct. 8, 2015--Standard & Poor's Ratings Services
said today it assigned its 'B+' point-in-time rating to Bristol, Va.-based
Alpha Natural Resources Inc.'s(ANRZQ)$300 million DIP term loan. The corporate
credit rating on the company remains 'D'.
This DIP loan rating is a point-in-time rating effective only for the date of
this report. We will not review, modify, or provide ongoing surveillance of
the rating. The rating is based on various items, including the bankruptcy
court orders and the DIP credit agreement.
