Arch Coal Gets Big Loan To Bridge Tough Times

Bloomberg reported that Arch Coal (NYSE:ACI) has been approved for a $1 billion loan.

As quoted in the market news:

The fourth-largest U.S. producer of coal, saddled with $4.1 billion of debt, will use proceeds of a term loan to refinance obligations and eliminate maturities until 2016 while increasing liquidity. The company is reducing its revolver by $1 billion and loosening restrictions on the existing credit line.

Click here to read the full Bloomberg report.