In May 2011, Corsa completed a $25 million senior credit facility, which consisted of two separate loans, both of which have been fully drawn.
“Our lenders have been very supportive of the company, first with the initial loan which was at very favourable terms to the company and now with this extension at below market rates,” Corsa president and chief executive Don Charter said.
“They continue to have a bullish outlook for US met coal and are pleased to support the company while it seeks a long-term alternative to the facility on reasonable terms.”
The first loan taken out in May 2011 was for $5.5 million with a term of 13 months. The second was for $19.5 million with an initial term of six months, subject to an extension option for a further six-month term which has been exercised.
Corsa’s primary business is the mining, processing and selling of metallurgical coal, as well as exploring, acquiring and developing resource properties consistent with its coal business in northern Appalachia.
In June the company announced it sold 72,000 clean tons of metallurgical coal at an average realized price of $US152 per ton and 38,000 tons of thermal coal at an average price of $32 per ton during the second quarter 2012.
