Feb 23 · 7:51:00 PM · Source: Company Press Release

SCOTT DEPOT, W.Va., Feb. 23 /PRNewswire-FirstCall/ -- International Coal Group, Inc. (NYSE: ICO) ("ICG" or the "Company") announced today that its wholly-owned subsidiary, ICG, LLC (the "Borrower"), has entered into a new four-year $125 million senior secured asset-based loan facility (the "ABL Loan Facility") which refinances its existing $100 million credit facility previously set to mature in June 2011. The new ABL Loan Facility is available for loans and the issuance of letters of credit. Subject to certain conditions, at any time prior to maturity, the Borrower may elect to increase the size of the facility up to $200 million. The new ABL Loan Facility has a maturity date of February 22, 2014. The obligations of the Borrower under the ABL Loan Facility are guaranteed jointly and severally by the Company and all of the Company`s current and future wholly-owned subsidiaries and it is secured by a first-priority security interest on substantially all of the Company`s assets.
In addition to the re-fi, impact of the move is to give ICG more breathing room. The new loan setup increases ICG's credit facility by $25 million immediately, and up to $200 million in the future.

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by Jeffrey Epstein