Alpha Natural Resources completed an accounts receivable securitization program, which is authorized for up to $85 million of funding, according to a release from the company.

Alpha is going to use the facility both for obtaining standby letters of credit and working capital draws.  Previously, letters of credit were issued under Alpha's revolving credit facility, which reduced the company's borrowing capacity under that facility. Pittsburgh-based PNC Bank, National Association, is serving as both administrator and letter of credit bank.

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