Alpha Natural Resources, Inc. Completes Changes to Credit Facility
May 22 13
Alpha Natural Resources, Inc. announced that it has amended and restated its secured credit facility, increasing the total amount of the facility from $1.6 billion to $1.725 billion and further enhancing its financial flexibility. The amended and restated credit agreement includes a new $625 million covenant lite senior secured term loan B facility, which matures on May 22, 2020. The proceeds of the term loan B facility will be used to repay the entire $525 million aggregate principal amount of the company's obligations under its existing term loan A facility, which matures on June 30, 2016, with the balance used to pay fees and expenses and for general corporate purposes. The amended and restated credit agreement, among other revisions, provides for an increased senior secured revolving facility from $1.0 billion to $1.1 billion, which matures on June 30, 2016.
Alpha Natural Resources, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Capital Expenditure and Production Guidance for the Full Year 2013; Reports Asset Impairment and Restructuring Charges for the First Quarter Ended March 31, 2013
May 2 13
Alpha Natural Resources, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company’s total revenues were $1,333,591,000 against $1,934,613,000 a year ago. Loss from operations was $130,700,000 against $28,853,000 a year ago. Loss before income taxes was $187,146,000 against $72,553,000 a year ago. Net loss was $110,788,000 or $0.50 diluted per share against $28,768,000 or $0.13 diluted per share a year ago. Net cash provided by operating activities was $65,398,000 against $166,629,000 a year ago. Capital expenditures were $44,186,000 against $125,774,000 a year ago. EBITDA was $104,811,000 against $222,044,000 a year ago. Adjusted EBITDA was $117,127,000 against $210,176,000 a year ago. Adjusted net loss was $104,351,000 or $0.47 diluted per share against $58,220,000 or $0.27 diluted per share a year ago.
The company now expects to ship between 83 and 93 million tons during 2013, including 19 to 22 million tons of Eastern metallurgical coal, 27 to 31 million tons of Eastern steam coal, and 37 to 40 million tons of Western steam coal out of the PRB. As of April 19, 2013, 73% of the midpoint of anticipated 2013 metallurgical coal shipments were committed and priced at an average per ton realization of $103.93. Based on the midpoint of guidance, 100% of anticipated Eastern steam coal shipments were committed and priced at an average per ton realization of $61.96; and 99% of the midpoint of anticipated PRB shipments were committed and priced at an average per ton realization of $12.74. The company's 2013 cost of coal sales is expected to range between $69 and $73 per ton in the East and between $10 and $11 per ton in the West. Selling, general and administrative expenses are anticipated to range from $140 million to $160 million for 2013. Interest expense and DD&A expense are anticipated to be in the ranges of $230 million to $240 million and $875 million to $975 million, respectively, and capital expenditures for 2013 are expected to fall within the range of $300 million to $350 million.
For the quarter, the company reported asset impairment and restructuring of $11,076,000.
Alpha Natural Seeks To Sell Thermal Coal Assets
Apr 26 13
Alpha Natural Resources, Inc. (NYSE:ANR) seeks to sell thermal coal assets. "We’re now looking at our portfolio and will probably sell some assets, but most likely thermal coal assets not met coal," Alpha Natural's Chief Executive Officer, Kevin Crutchfield, said on April 25, 2013.
Alpha Natural Resources, Inc. Announces the Closure of Cumberland Coal Mine in Southwestern Pennsylvania
Apr 22 13
Alpha Natural Resources, Inc. announced that its Cumberland coal mine in southwestern Pennsylvania was closed by federal safety authorities after methane levels were detected in the mine. The U.S. Mine Safety and Health Administration issued an imminent danger order April 8, closing a portion of the mine. On April 11, MSHA modified the order to apply to the entire mine.