Massey Energy Company Completes $200M Credit Facility

Massey Energy Company MEE today reported that it has entered into an amended and restated asset-based revolving credit agreement, which provides for available borrowings, including letters of credit, of up to $200 million, depending on the level of eligible inventory and accounts receivable. Subject to certain conditions, at any time prior to maturity, Massey may elect to increase the size of the facility up to $250 million. The previous credit limit was $175 million, including letters of credit. The facility's maturity has been extended to May 2015. Currently under this facility there are $76.4 million of letters of credit issued and there are no outstanding borrowings.