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Murray Energy sets Thursday launch for $1.62 billion credit facility
By Sara Rosenberg
New York, Nov. 4 - Murray Energy Corp. scheduled a bank meeting for Thursday to launch its proposed $1.62 billion credit facility, according to a market source.
Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the lead banks on the deal.
The facility consists of a $200 million ABL revolver, a $1.02 billion first-lien term loan B and a $400 million second-lien term loan.
The second-lien term loan will be pari passu with the company's existing 8 5/8% notes.
Proceeds will be used to help fund the acquisition of Consolidation Coal Co. from Consol Energy Inc. for $3.5 billion, including $2.4 billion of Consol balance sheet liabilities.
Closing is expected by year-end, subject to expiration of the Hart Scott Rodino Antitrust Improvements Act waiting period and other customary conditions. There is no financing condition.
Murray Energy is a St. Clairsville, Ohio-based coal company.
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