Item 1.01 Entry into a Material Definitive Agreement.
On October 27, 2009, in anticipation of the expiration of its current revolving credit agreement in March 2010, NACCO Industries, Inc.'s ("NACCO") wholly owned subsidiary, The North American Coal Corporation ("NACoal"), entered into a credit agreement with the Lenders, as defined in the credit agreement, U.S. Bank National Association and Regions Bank, each as Co-Syndication Agents and PNC Bank, National Association, as administrative agent for the Lenders, for a new three-year, $100.0 million unsecured revolving line of credit (the "Facility"). The Facility has performance-based pricing, which sets interest rates based upon achieving various levels of debt to EBITDA ratios, as defined. Borrowings bear interest at a floating rate plus a margin based on the level of debt to EBITDA ratio achieved, as defined, which can be either a base rate plus a margin ranging from 1.75% to 2.25%, or LIBOR plus a margin ranging from 2.75% to 3.25%. The Facility also has a commitment fee of 0.50% per year on the unused commitment. In addition, the Facility contains restrictive covenants which require, among other things, NACoal to maintain certain debt to EBITDA and interest coverage ratios and provides the ability to make loans, dividends and advances to NACCO, with some restrictions.
The foregoing summary of the Facility is qualified in its entirety by reference to the Facility, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto. Item 9.01 Financial Statements and Exhibits.
As described in Item 1.01 of this Current Report on Form 8-K, the following Exhibit is filed as part of this Current Report on Form 8-K.
(d) Exhibits

10.1 Credit Agreement, dated as of October 27, 2009, by and among The North American Coal Corporation, the Lenders party hereto and U.S. Bank National Association and Regions Bank, as Co-Syndication Agents, and PNC Bank, National Association, as Administrative Agent.

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