ALLIANCE RESOURCE PARTNERS LP (ARLP): debt financing — Alliance Coal enters new $500M credit facility ($425M revolver + $75M term loan) due 2027

ALLIANCE RESOURCE PARTNERS LP

New $500M facility replaces $459.5M revolver due 2024; matures March 2027.
May accelerate to Jan 2025 if 7.5% senior notes still outstanding and liquidity below $200M.
Interest based on SOFR plus margin of 3.00%–3.50% depending on leverage ratio.
Guaranteed by parent ARLP and subsidiaries; secured by seven active coal mines and assets.
Financial covenants: debt/EBITDA ≤1.5x (borrower), ≤2.5x consolidated; interest coverage ≥3.0x.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ALLIANCE RESOURCE PARTNERS LP incurred credit facility of $425 million revolving credit facility with PNC Bank, National Association as administrative agent at adjusted one-month, three-month or six-month term rate based on the secured over maturing March 9, 2027.

Instrument: credit facility
Principal: $425 million revolving credit facility
Counterparty: PNC Bank, National Association as administrative agent
Rate: adjusted one-month, three-month or six-month term rate based on the secured over
Maturity: March 9, 2027
Event: incurrence

Exact text from the filing

Credit Agreement On January 13, 2023, Alliance Coal, LLC ("Alliance Coal"), as borrower, entered into a Credit Agreement (the "Credit Agreement") with various financial institutions, including PNC Bank, National Association as administrative agent (the "Administrative Agent").

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ALLIANCE RESOURCE PARTNERS LP incurred term loan of $75 million with PNC Bank, National Association as administrative agent at adjusted one-month, three-month or six-month term rate based on the secured over maturing March 9, 2027.

Instrument: term loan
Principal: $75 million
Counterparty: PNC Bank, National Association as administrative agent
Rate: adjusted one-month, three-month or six-month term rate based on the secured over
Maturity: March 9, 2027
Event: incurrence

Exact text from the filing

Credit Agreement On January 13, 2023, Alliance Coal, LLC ("Alliance Coal"), as borrower, entered into a Credit Agreement (the "Credit Agreement") with various financial institutions, including PNC Bank, National Association as administrative agent (the "Administrative Agent").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALLIANCE RESOURCE PARTNERS LP entered into Credit Agreement with various financial institutions, including PNC Bank, National Association valued at $425 million revolving credit facility and a $75 million term loan (effective 2023-01-13).

Action: entry
Agreement: credit facility
Counterparty: various financial institutions, including PNC Bank, National Association
Value: $425 million revolving credit facility and a $75 million term loan
Effective: 2023-01-13

Exact text from the filing

On January 13, 2023, Alliance Coal, LLC ("Alliance Coal"), as borrower, entered into a Credit Agreement (the "Credit Agreement") with various financial institutions, including PNC Bank, National Association as administrative agent (the "Administrative Agent").

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-000394

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