Tuesday, November 09, 2010
Massey Increases Credit Line to $200-M
WEST VIRGINIA...
Coal mine operator Massey Energy Co. says it has increased the size of an asset-based credit line to as much as $200 million.
Massey says the limit of the deal announced Monday depends on factors including accounts receivable. The company says it's also allowed to increase the credit line to $250 million, based on certain conditions, and the line's maturity has been extended to May 2015.
Massey says the credit line used to be limited to $175 million. Currently, the company says it has issued $76.4 million in letters of credit using the line, but has not borrowed any money from it.
Richmond-based Massey operates mines in Kentucky, Virginia and West Virginia.
Richmond-based Massey operates mines in Kentucky, Virginia and West Virginia.
# posted by Homer Owens @ 10:43 AM 
