Walter Energy (WLT) Trading Paused; Pulls $1.55B Debt Refi
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(Updated - June 14, 2013 1:08 PM EDT)
Walter Energy (NYSE: WLT) is down 17 percent on Friday amid reports that it pulled out of a large loan refinancing.
Forbes said this afternoon that Walter pulled out of a $1.55 billion loan refi due to market conditions. The B/B2 issuer had been seeking to put in place a $350 million revolver and a $1.2 billion, covenant-lite B term loan, said the report.
Discussions had the term loan at Libor plus 475 - 500 basis points, with a 1 percent LIBOR floor, offered at 99.0 - 99.5.
Walter issued $350 million of senior debt in March aimed a repaying its TLA and TLB (L+475, 1% LIBOR floor) on a ratable basis, said Forbes.
For the complete report, click here.
Walter Energy (NYSE: WLT) is down 17 percent on Friday amid reports that it pulled out of a large loan refinancing.
Forbes said this afternoon that Walter pulled out of a $1.55 billion loan refi due to market conditions. The B/B2 issuer had been seeking to put in place a $350 million revolver and a $1.2 billion, covenant-lite B term loan, said the report.
Discussions had the term loan at Libor plus 475 - 500 basis points, with a 1 percent LIBOR floor, offered at 99.0 - 99.5.
Walter issued $350 million of senior debt in March aimed a repaying its TLA and TLB (L+475, 1% LIBOR floor) on a ratable basis, said Forbes.
For the complete report, click here.
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