Tuesday November 3, 08:37 AM
UPDATE 1-ATH Resources agrees to new 30 mln stg refinancing
* Secures credit facility with HSBC (LSE: HSBA.L - news) , Yorkshire Bank
* Refinancing effective immediately, due in
Nov 2012
* Deal to help in funding projects within UK
* Shares up 1.5 pct
(Adds details)
Nov 3 (Reuters) - British mining firm ATH Resources (LSE: ATH.L - news) said on Tuesday it secured a new three-year, 30 million pounds ($49.17 million) revolving credit facility with HSBC and Yorkshire Bank.
The facility would help in funding the company's surface mining and coal recovery projects within the UK, it said.
ATH Resources is Britain's third-largest coal producer with five surface mines in Scotland.
The new revolving credit deal replaces its existing term debt arrangements, which were due to expire in February 2011, and working capital facilities, the company said.
The combined outstanding balances under the previous arrangements totalled 20 million pounds at Oct. 4, ATH said.
Shares of the company were up 1.5 percent at 51 pence at 0815 GMT on the London Stock Exchange (LSE: LSE.L - news) .
($1=.6101 Pound)
(Reporting by Aditi Samajpati in Bangalore; Editing by Vinu Pilakkott) Keywords: ATHRESOURCES/
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