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S&P: Alpha Natural loan BB, convertibles B+
Standard & Poor's said it revised its outlook on Alpha Natural Resources Inc. to negative from stable.
The B+ corporate credit rating was affirmed.
The agency also rated Alpha's proposed $500 million term loan B due 2020 BB. The recovery rating on the proposed term loan is 1.
In addition, S&P rated Alpha's new $300 million convertible notes due 2017 B+. The recovery rating on the notes is 4.
The recovery ratings on Alpha's $500 million senior unsecured notes due 2018, $800 million senior unsecured notes due 2019 and $700 million senior unsecured notes due 2021 were revised to 4 from 3.
The rating on the notes remains B+, the same as the corporate credit rating.
The rating on Massey Energy Co.'s convertible notes due 2015 was revised to B from B+ and revised the recovery rating to 5 from 4.
Alpha will use proceeds from the term loan and convertible notes issuances to repay existing debt, including portions of its term loan A due 2016, as well as $226 million of the 3¼% convertible notes due 2015 issued by Massey Energy Co. and $181 million of the 2 3/8% convertible notes due 2016 issued by Alpha, as well as for general corporate purposes.
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