Tennessee-based Alpha Metallurgical Resources Inc. recently announced several positive financial updates, including the elimination of its remaining term loan balance. On June 3, Alpha made a voluntary prepayment of $99.4 million on its term loan, which eliminated all remaining principal and paid the loan in full.

Alpha has eliminated its long-term debt, Alpha Chair and CEO David Stetson said. “As we have mentioned consistently over the past few quarterly calls, this is a critically important milestone for our company, and a significant step in further strengthening Alpha’s balance sheet,” he said. “In just under a year’s time, more than $550 million has been paid toward eliminating Alpha’s long-term debt load, which allowed us to extinguish the term loan and its carrying costs two years ahead of maturity.”

Alpha’s board of directors authorized a $600 million share repurchase program. As of June 3, the company has acquired 860,934 shares of common stock at a cost of $126.3 million.

The company said it has also received a reduction of $40.1 million in collateral requirements related to its self-insured workers compensation at certain locations in West Virginia.

Additionally, as part of routine surety program review and negotiation, the company has received a $16.5 million reduction in surety collateral requirements, while securing multiyear visibility on surety program terms and conditions.

“These collateral releases, which are in the form of letters of credit, directly increase our ABL availability, and thus our financial liquidity, by nearly $57 million,” CFO Andy Eidson said. “Taken together with the final payment to eliminate Alpha’s term loan, these developments represent a further de-risking of our balance sheet and demonstrate our commitment to building a company that is resilient through any market.”

He added that the company is excited about where Alpha is heading, and will continue to move forward with this positive momentum.