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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events  
Subsequent Events

22. Subsequent Events

On July 2, 2020 the Company issued $53.1 million of bonds in the U.S. tax-exempt market through the West Virginia Economic Development Authority at a fixed interest rate of 5.00%. The bonds are subject to a mandatory tender for purchase by the company on July 1, 2025. In keeping with the requirements of the tax-exempt issuance, proceeds from the offering will be used to fund the construction of the Leer South mine’s preparation plant and other facilities associated with waste management. The Company received approximately $30 million of cash upon closing, reflecting the amount of qualified expenditures already completed, and will receive the remainder over the next several quarters as work continues.