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Longview coal plant operator considers refinancing existing senior debt

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Essential Energy Insights - January 2021


Longview coal plant operator considers refinancing existing senior debt

Longview Power LLC has engaged a financial adviser and is exploring "strategic alternatives," including a potential refinancing of its existing senior secured debt.

The company, which is privately owned by institutional investors and management, operates a coal-fired power plant in Morgantown, W.Va., that is among the newest and most efficient coal plants in the U.S. In a statement, Longview CEO Jeffery Keffer said the plant has performed at an "industry-leading 100% capacity factor" in recent months, even as other coal plants have been run at lower capacity levels in recent years.

"Longview Power's recent strategic initiative to source all its coal from low-cost regional mines producing higher-quality fuel has further enhanced Longview Power's stature as the region's lowest cost, most reliable coal-powered energy generator," Keffer said.

The mine that previously fed the coal plant by conveyor was shut down due to geologic challenges. The plant's fuel supply was replaced with coal from a nearby longwall coal mining operation, a form of highly efficient underground mining.

Longview engaged the services of Houlihan Lokey Inc., a global investment bank with expertise in financial restructuring, capital markets and other investment areas.