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PNC Bank, Others Provide $425MM Facility to Sunrise Coal

September 02, 2014, 07:28 AM
Filed Under: Energy

Hallador Energy Company announced its wholly owned subsidiary, Sunrise Coal LLC, closed the acquisition of Vectren Fuels.  As previously announced on July 1, 2014, an agreement was reached on the sale. A company press release notes the purchase price was $320 million.

On Aug. 29,  Sunrise entered into a credit agreement with PNC Bank as administrative agent for a group of several other banks. The credit agreement allows for a $250 million revolver and a $175 million term loan. The credit facility is collateralized by substantially all of Sunrise Coal's assets and Hallador Energy is the guarantor.

Hallador is headquartered in Denver, Colorado and through its wholly owned subsidiary, Sunrise Coal, LLC, produces coal in the Illinois Basis for the electric power generation industry.

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