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Murray ups term B to $350 million, cuts spread to Libor plus 375 bps
By Sara Rosenberg
New York, May 17 - Murray Energy Corp. lifted its term loan B (Ba3/BB-) to $350 million from $300 million and reduced pricing to Libor plus 375 basis points from Libor plus 425 bps, according to a market source.
Also, the original issue discount on the loan was revised to 99½ from 99, the source said.
The term loan still has a 1% Libor floor.
The company's now $400 million credit facility also includes a $50 million ABL revolver (on receivables only).
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 $350 million of high-yield bonds that was downsized from $400 million with the term loan upsizing.
Murray Energy is a St. Clairsville, Ohio-based coal company.
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