Boston, MA 05/13/2014 (wallstreetpr) – An emerging leader in the field of metallurgical coals, Alpha Natural Resources, Inc. (NYSE:ANR) has revealed its quarterly results. Alpha had a challenging quarter pertaining to the slow growth in the metallurgical sector thereby affecting the growth of the business. Further, Alpha has also announced offering of senior notes for taking a step ahead in the industry. ANR is taking a range of other initiatives and deals in order to overcome the struggling phase that is hit by slow growth in coal segment.
Release of 1Q2014 Results
Alpha Natural Resources, Inc. (NYSE:ANR) has released its quarterly results of its first quarter. It ash emerged strong by registering the net revenue as $1.1 billion. EBITDA and net loss accounted for $289 million and $56 million respectively. Adjusted net income of the company equaled to $15 million and net loss as $104 million. Chairman and CEO of ANR, Kevin Crutchfield, remarked that the company had a challenging year due to the slow metallurgical market.
However, Alpha Natural Resources, Inc. (NYSE:ANR) has resorted to diverse strategies to improve and strengthen its balance sheets. Alpha has increased its total liquidity to more than $2.1 billion and securities of approximately $1.2 billion. Alpha has primarily faced challenge in its coal markets pertaining to oversupply a nine seaborne domain. It is moving towards adjusting its shipment guidance to offset the slow growth of the business.
Offering worth $400 million Amount
Alpha Natural Resources, Inc. (NYSE:ANR) has recently revealed its intention of offering senior secured second lien worth $400 million due 2020 through a private offering. Under the credit agreement, ANR’s subsidiaries act as the guarantor of the notes. The notes are further secured by second priority liens via credit agreement. It comprises of essential assets of Alpha and subsidiary guarantors. Alpha is expected to use the offering towards purchasing, general and repayment operations. ANR has further specified to allot the notes in the U.S. and only to qualified buyers.
