February 24, 2010 (FinancialWire) — International Coal Group, Inc. (NYSE: ICO) said that its wholly-owned subsidiary, ICG, has entered into a new four-year $125 million senior secured asset-based loan facility that refinances an 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.

International Coal said that the obligations of the borrower under the ABL Loan Facility are guaranteed jointly and severally by the company and all of its current and future wholly-owned subsidiaries and it is secured by a first-priority security interest on substantially all of the company’s assets.

Interest on the borrowings under the ABL Loan Facility is payable, at the option of the borrower, at either a Base Rate or a LIBOR rate, in each case plus an applicable margin.

West Virginia-based International Coal Group is a producer of coal in Northern and Central Appalachia and the Illinois Basin. The company has 13 active mining complexes, of which 12 are located in Northern and Central Appalachia and one in Central Illinois.

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