ST. LOUIS, May 22, 2012 /PRNewswire/ -- Earlier this month,
Patriot Coal Corporation (NYSE: PCX) announced that it entered into
a commitment letter for a new revolving credit facility and new
term loan facility for a total of $625
million from Citigroup Global Markets, Inc., Barclays Bank
PLC and Natixis, New York Branch. Patriot Coal Corporation is
continuing to work with these lenders to strengthen its finances,
including the replacement of its current credit facilities well
before certain of its debt obligations become due in March
2013. Patriot Coal Corporation has engaged The Blackstone
Group and continues to work with Davis
Polk & Wardwell LLP, its long-standing counsel, to
achieve an optimal financing package.
About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer of
coal in the eastern United States,
with 13 active mining complexes in Appalachia and the Illinois
Basin. The Company ships to domestic and international
electricity generators, industrial users and metallurgical coal
customers, and controls approximately 1.9 billion tons of proven
and probable coal reserves. The Company's common stock trades
on the New York Stock Exchange under the symbol PCX.
Forward-Looking Statements
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of
1995. These statements involve certain risks and
uncertainties that may be beyond our control and may cause our
actual future results to differ materially from expectations.
We do not undertake to update our forward-looking statements.
Factors that could affect our results include, but are not limited
to: worldwide financial, economic and political conditions; coal
price volatility and demand, particularly in higher margin
products; geologic, equipment and operational risks associated with
mining; reductions of purchases or deferral of shipments by major
customers; changes in general economic conditions, including coal,
power and steel market conditions; the availability and prices of
competing energy resources; changes in the interpretation,
enforcement or application of existing and potential laws and
regulations affecting the production and use of our products; risks
associated with environmental laws and compliance, including
selenium-related matters; failure to comply with debt covenants;
availability and costs of credit; weather patterns and conditions
affecting energy demand or disrupting coal supply; developments in
greenhouse gas emission regulation and treatment; the outcome of
pending or future litigation; the impact of the restatement for the
years ended December 31, 2011 and
2010 and the related material weakness associated with the
accounting treatment for the Apogee and Hobet water treatment
facilities; changes in the costs to provide healthcare to eligible
active employees and certain retirees under postretirement benefit
obligations; increases to contribution requirements to
multi-employer retiree healthcare and pension plans; negotiation of
labor contracts, labor availability and relations; customer
performance and credit risks; inflationary trends; downturns in
consumer and company spending; supplier and contract miner
performance and the availability and cost of key equipment and
commodities; availability and costs of transportation; the
Company's ability to replace coal reserves; the outcome of
commercial negotiations involving sales contracts or other
transactions; our ability to respond to changing customer
preferences; and the effects of mergers, acquisitions and
divestitures. The Company undertakes no obligation (and
expressly disclaims any such obligation) to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. For additional
information concerning factors that could cause actual results to
materially differ from those projected herein, please refer to the
Company's Form 10-K and Form 10-Q reports.
SOURCE Patriot Coal Corporation
