Walter Energy boosts loan paydown to $250 million after notes upsizing

By Susanna Moon

Chicago, Sept. 20 - Walter Energy Inc. increased on the size of paydown on its term loan A to up to $250 million after upsizing its notes offering, according to an 8-K filing with the Securities and Exchange Commission.

Walter Energy plans to repurchase up to $250 million of its term loan A through a Dutch auction and use the remaining proceeds for general corporate purposes.

If the proposed Dutch auction is not fully subscribed, the unused proceeds will be used to repay the company's term loan A and term loan B on a pro rata basis, the company noted.

The company upsized its 9½% senior secured notes due 2019 to $450 million from $350 million on Friday.

Walter said on Sept. 19 that it planned to repurchase up to $175 million of its term loan A.

Walter Energy is a Birmingham, Ala.-based pure-play metallurgical coal producer for the global steel industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.