BRISTOL, Tenn., March 23, 2020 /PRNewswire/ -- Contura Energy,
Inc. (NYSE: CTRA), a leading U.S. coal supplier, today announced
the Company has drawn down $57.5
million in principal amount under its revolving credit
facility as a proactive, precautionary measure in light of the
COVID-19 pandemic and its potential effects upon national and world
economies.
"As we continue to take precautionary measures to reduce risk
amid market disruption from the coronavirus, we—along with a number
of other companies—chose to add some cash to the balance sheet to
provide flexibility in these unprecedented times," said
Andy Eidson, chief financial
officer. "We will continue to monitor the situation as the global
business community responds to and eventually begins to recover
from the impacts of this public health crisis."
This borrowing occurred on Friday, March
20, 2020 under the Amended and Restated Asset-Based
Revolving Credit Agreement, dated November
9, 2018. The $57.5 million in
borrowed funds currently carry an interest rate of 3.25% and will
mature on September 20, 2020.
At the time of borrowing, the Company also had an aggregate
of approximately $120 million in
outstanding letters of credit under the facility.
Contura intends to retain these funds in cash to preserve
liquidity amid the growing uncertainty surrounding the COVID-19
virus.
ABOUT CONTURA ENERGY
Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate
mining operations across major coal basins in Pennsylvania, Virginia and West
Virginia. With customers across the globe, high-quality
reserves and significant port capacity, Contura Energy reliably
supplies both metallurgical coal to produce steel and thermal coal
to generate power. For more information, visit
www.conturaenergy.com.
INVESTOR CONTACT
investorrelations@conturaenergy.com
Alex Rotonen, CFA
423.956.6882
MEDIA CONTACT
corporatecommunications@conturaenergy.com
Emily O'Quinn
423.573.0369
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SOURCE Contura Energy, Inc.