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Contura Energy increases senior secured term loan facility to $562M

Contura Energy Inc. on May 21 increased its senior secured term loan facility to $561.8 million from $555 million, according to a same-day filing.

The term loan will have a maturity of five years, and the company will use the proceeds to repay debt and fees and expenses related to the term loan.

The original term loan, secured May 15, has an expected interest rate of London interbank offered rate plus 700 basis points for the first two years after the closing, increasing to Libor plus 800 basis points afterward, with a Libor floor of 2%.