Warrior Met Coal to sell $125 million tap of 8% secured notes at 103 in Monday drive-by

By Paul A. Harris

Portland, Ore., Feb. 26 – Warrior Met Coal, Inc. plans to price a $125 million add-on to its 8% senior secured notes (B3/B+) at 103 in a quick-to-market Monday trade, according to a syndicate source.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S for life offering. Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Securities, Citigroup Global Markets Inc. and RBC Capital Markets LLC are the joint bookrunners.

Apollo Global Securities, Blackstone Capital Markets and KKR are the co-managers.

The notes become callable on Nov. 1, 2020 at 104.

The Brookwood, Ala.-based metallurgical coal producer plans to use the proceeds, together with cash on hand, to pay one or more special cash dividends of up to $350 million.

The original $350 million issue priced at par on Oct. 26, 2017.

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