Walter Energy to fund Dutch auction for term loan A via notes proceeds

By Toni Weeks

San Luis Obispo, Calif., Sept. 19 - Walter Energy Inc. said it will use the proceeds of its current 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.

If the Dutch auction is not fully subscribed, the unused portion of the $175 million allotted for the auction will be used to repurchase term loan A and term loan B on a pro rata basis, according to a press release.

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

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