Arch Coal amends loan to extend tenor, increase size, change pricing grid

By Sara Rosenberg

New York, June 27 - Arch Coal Inc. amended its credit facility, extending the maturity date to June 23, 2011 from Dec. 22, 2009, increasing the size to $800 million from $700 million and changing the pricing grid to leveraged-based from ratings-based, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also changed certain negative covenants and other provisions to provide the company with greater flexibility to pursue strategic investments.

The amendment was completed on June 23.

PNC Bank is the administrative agent.

Arch Coal is a St. Louis-based miner, processor and marketer of bituminous and sub-bituminous coal with low sulfur content.

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