By Paul A. Harris
Portland, Ore., April 7 – Alliance Resource Partners, LP priced a downsized $400 million issue of eight-year senior notes (B1/BB-) at par to yield 7½% on Friday, according to market sources.
The issue size was decreased from $500 million.
J.P. Morgan Securities LLC led the deal.
The Tulsa, Okla.-based coal producer plans to use the proceeds to repay debt under its revolving credit facility and term loan, with a portion of the proceeds to be used to repay its outstanding series B senior notes due 2018 and the remainder to be used for general corporate purposes.
| Issuers: | Alliance Resource Partners, LP and Alliance Resource Finance Corp.
|
| Amount: | $400 million, downsized from $500 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call protection: | Three years
|
| Trade date: | Sept. 7
|
| Settlement date: | April 24
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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