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Walter Energy seeks loan amendment to revise covenants, pricing
By Sara Rosenberg
New York, Oct. 19 - Walter Energy Inc. is looking to amend its credit facility to relax the total leverage and interest coverage ratios and increase term loan B pricing to Libor plus 425 basis points with a 1% Libor floor from Libor plus 300 bps with a 1% floor, according to a market source.
Lenders are being offered a 25 bps amendment fee, the source said.
Consents are due on Oct. 26.
Morgan Stanley Senior Funding Inc. is leading the amendment that launched with a call this past Tuesday.
Walter Energy is a Birmingham, Ala.-based pure-play metallurgical coal producer.
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