U.S. Coal launches $105 million term loan with discount of 99

By Sara Rosenberg

New York, July 18 - U.S. Coal Corp. launched its $105 million six-year term loan (B+) at an original issue discount of 99, according to a market source.

Price talk on the loan is Libor plus 600 basis points with a 1.5% Libor floor, and there is call protection of 103 in year one, 102 in year two and 101 in year three.

Credit Suisse Securities (USA) LLC is the lead bank on the deal that launched with a bank meeting on Monday.

Commitments are due on Aug. 1.

Proceeds will be used to refinance existing debt.

U.S. Coal is a Lexington, Ky.-based producer of coal in Central Appalachia.

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