Walter Energy repurchases $250 million loan at 98.3 in Dutch auction

By Susanna Moon

Chicago, Sept. 27 - Walter Energy Inc. said it repurchased $250 million principal amount of its term loan A at an average price of $98.3 per $100 of principal amount plus accrued interest.

Walter completed a Dutch auction to repurchase and retire the notes, according to a company press release.

The company said on Sept. 19 that it would use the proceeds of its offering of $350 million of senior secured notes due 2019 to repurchase up to $175 million of its term loan A through a Dutch auction process and for general corporate purposes.

Walter later increased the planned loan paydown to $250 million after upsizing the related issuance of notes due 2019 to $450 million.

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

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