Murray Energy launches $300 million term B at Libor plus 425 bps

By Sara Rosenberg

New York, May 9 - Murray Energy Corp. launched its $300 million term loan B on Thursday with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

The company's $350 million credit facility also includes a $50 million ABL revolver (on receivables only).

Commitments are due on May 22, the source added.

Goldman Sachs & Co. is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Other funds for the transaction will come from $400 million of high-yield bonds.

Murray Energy is a St. Clairsville, Ohio-based coal company.

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