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U.S. Coal withdraws $105 million term loan due to market conditions
By Sara Rosenberg
New York, Aug. 23 - U.S. Coal Corp. decided to pull its $105 million six-year term loan (B2/B+) due to the unfavorable primary environment, according to a market source.
Price talk on the loan was Libor plus 600 basis points with a 1.5% Libor floor and an original issue discount of 99.
There was call protection of 103 in year one, 102 in year two and 101 in year three.
Amortization on the loan was 10% per annum.
Credit Suisse Securities (USA) LLC was the lead bank on the deal.
Proceeds were going to be used to refinance existing debt.
U.S. Coal is a Lexington, Ky.-based producer of coal in Central Appalachia.
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