Hallador Energy Co. secured a $267 million credit agreement with the term extended through May 2022.
The facility is comprised of $147 million term loan and a $120 million revolver, according to a May 21 news release. Since the original credit facility was established in August 2014, Hallador has paid down $144 million of debt.
The loan reduces debt service requirements and moves the loan to Hallador's level from its unit Sunrise Coal LLC. This move allows for investments in Hourglass Sands LLC, a frac sand mining company out of Colorado, as opportunities arise. Hallador said it recently made a $4 million investment in Hourglass Sands.
PNC Bank is the administrative agent for the credit agreement.
