|By PR Newswire||
|December 21, 2012 04:00 PM EST||
Toronto Stock Exchange: XRG
KNOXVILLE, TN, Dec. 21, 2012 /PRNewswire/ - Xinergy Ltd., (TSX:XRG) ("Xinergy" or the "Company"), a Central Appalachian coal producer, announced today that it has entered into a Credit Agreement with Bayside Finance, LLC providing for a US $20 million senior secured term loan, as contemplated by the financing commitment entered into on October 27, 2012 with Bayside Capital Inc. The Company has drawn Term Loan A under the Credit Agreement in the principal amount of $10 million, and may draw down Term Loan B in the principal amount of $10 million on or before the first anniversary of the date of the Credit Agreement, subject to the closing conditions set forth in the Credit Agreement.
About Xinergy Ltd.
Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in eastern Kentucky, West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies. For more information, please visit www.xinergycorp.com.
This release contains "forward-looking information" relating to the secured term loan facility, including the availability of Term Loan B under the Credit Agreement, which is subject to conditions to the funding thereof. Forward-looking information should not be read as a guarantee of future performance and will not necessarily be accurate indications of the times at, or by which, that performance will be achieved. There are several risks that could cause actual performance to differ materially from those expressed in or suggested by the forward-looking information, including the Company's inability to satisfy conditions to the funding of Term Loan B and other factors that are more fully described in Xinergy Ltd.'s filings with the Canadian Securities Administrators, including its Annual Information Form for the year ended December 31, 2011, available on SEDAR at www.sedar.com. You should not put undue reliance on any forward-looking information. We assume no obligation to update forward-looking information, except to the extent required by applicable securities laws.
SOURCE Xinergy Ltd.
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