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Walter Energy launches $320m secured notes offering

Walter Energy launches $320m secured notes offering

Photo by Duane Daws

8th July 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Indebted coal producer Walter Energy on Tuesday launched a private offering of $320-million of 9.5% senior secured notes due in 2019.

The Birmingham, Alabama-based company planned to issue the notes as a follow-on to the $450-million aggregate principal amount of its 9.5% senior secured notes due in 2019, which were issued on September 27, 2013, and Walter Energy's $200-million aggregate principal amount of 9.5% senior secured notes due in 2019, which were issued on March 27.

Walter Energy said it planned to use the net proceeds of the offering to repay $298.1-million of indebtedness outstanding under its revolving credit facility and to pay related fees and expenses.

In a regulatory filing, Walter also said on Tuesday that it took a $7-million charge related to severance costs for idling its Canadian operations in April, which included the Wolverine and Brazion coal mines, in British Columbia.

Walter's NYSE-listed stock on Tuesday lost $0.53 apiece in value, to close at $5.62, having lost 62.57% of its value since the start of the year, impacted by stubbornly low coal prices.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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