Patriot Coal gets $427.5 million amended and restated revolver

By Sara Rosenberg

New York, May 5 - Patriot Coal Corp. closed on Wednesday on a $427.5 million amended and restated revolving credit facility due Dec. 31, 2013, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, Citigroup and PNC acted as the joint lead arrangers on the deal, with Bank of America the bookrunner and administrative agent.

Pricing on the revolver can range from Libor plus 325 basis points to 425 bps, and the commitment fee can range from 50 bps to 75 bps, based on leverage.

There is a $125 million accordion feature.

Financial covenants include a maximum leverage ratio of 3.00 and a minimum interest coverage ratio on a rolling four-quarter basis of 3.00 from May 5 through the four quarters ending Dec. 31, 2010 and 3.50 from the four quarters ending March 31, 2011 and thereafter.

Patriot Coal is a St. Louis-based producer and seller of thermal coal.

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