The coal producer said it might add more funding sources in the future.

“We are pleased to add an additional source of liquidity to our solid financial position," Patriot chief financial officer Mark N Schroeder said.

"This program allows Patriot more flexibility, while continuing to maintain our low debt levels."

Patriot aims to use the program mainly to provide letters of credit, “including letters of credit relating to post-mining reclamation, workers compensation and retiree healthcare obligations”

Purchase commitments under the program expire in March 2013, but extensions are possible with approval from the funding sources.