By Paul A. Harris
Portland, Ore., April 7 – Alliance Resource Partners, LP priced a downsized $400 million issue of eight-year senior notes (B1/BB-) at par to yield 7½% on Friday, according to market sources.
The issue size was decreased from $500 million.
J.P. Morgan Securities LLC led the deal.
The Tulsa, Okla.-based coal producer plans to use the proceeds to repay debt under its revolving credit facility and term loan, with a portion of the proceeds to be used to repay its outstanding series B senior notes due 2018 and the remainder to be used for general corporate purposes.
Issuers: | Alliance Resource Partners, LP and Alliance Resource Finance Corp.
|
Amount: | $400 million, downsized from $500 million
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Tenor: | Eight years
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Securities: | Senior notes
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Lead: | J.P. Morgan Securities LLC
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Coupon: | 7½%
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Price: | Par
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Yield: | 7½%
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Call protection: | Three years
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Trade date: | Sept. 7
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Settlement date: | April 24
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Ratings: | Moody's: B1
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| S&P: BB-
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Distribution: | Rule 144A and Regulation S
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Marketing: | Roadshow
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