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Update: Hallador Energy Shares Rise After Closing Up to $675 Million in Debt Financing for Turtle Creek Project

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(Updates with the latest stock price movement in the headline and the first paragraph.)

Hallador Energy (HNRG) shares rose more than 7% in Thursday trading after the company said it closed up to $675 million in debt financing to fund the majority of its Turtle Creek Gas project cost.

The financing includes a $600 million senior secured term loan facility and a super-priority revolving credit facility of up to $75 million, with a three-year term and a two-year extension option, the company said.

Hallador said the financing will fund upcoming payments under its turbine asset purchase deal, construction of the proposed 460-megawatt Turtle Creek Gas project, and repay existing debt of about $120 million.

With the financing, in addition to operating cash flow and its contracted forward sales position, Hallador said it has a credible pathway to fully fund the project with little to no equity dilution. Total project cost is estimated at less than $800 million, the company said.

Price: $15.76, Change: $+1.07, Percent Change: +7.28%

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