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Moody's gives Murray Energy loans B1, Caa1
Moody's Investors Service said it affirmed all ratings on Murray Energy Corp., including the B3 corporate family rating and assigned new ratings to proposed debt.
The agency assigned a B1 rating to Murray Energy's $1.02 billion senior secured term loan due 2019 and a Caa1 rating to the $400 million second-lien senior secured term loan due 2020.
The new debt will be used to fund the company's acquisition of certain mining and transportation assets from Consol Energy, Inc. for cash consideration of $850 million and the assumption of $2.2 billion in legacy liabilities.
The outlook is stable.
"The rating affirmation balances the clear positive impact on Murray Energy's business profile with the integration risks of a transformational acquisition and the financial risks created by taking on incremental debt and substantive legacy liabilities," Ben Nelson, Moody's assistant vice president and lead analyst for Murray Energy, said in a news release.
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