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Walter Energy pulls $1.55 billion senior credit facility from market
By Sara Rosenberg
New York, June 14 - Walter Energy Inc. withdrew its $1.55 billion senior secured credit facility (Ba3/BB-) from the primary due to market conditions, according to a market source.
The facility consisted of a $350 million five-year revolver and a $1.2 billion six-year term loan B.
The term loan B was talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99 to 991/2.
In addition, the B loan had 101 soft call protection for six months and amortization of 1% per annum, with the balance due at maturity.
Morgan Stanley Senior Funding Inc. was the lead bank on the deal.
Proceeds were going to be used to refinance existing term loans.
Walter Energy is a Birmingham, Ala.-based pure-play metallurgical coal producer.
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