By Paul A. Harris
Portland, Ore., May 5 - Murray Energy Corp. has priced a $400 million issue of senior secured notes due Dec. 5, 2020 (Caa1/B-/) at par to yield 9½%, according to market sources.
The notes were issued to investors who participated in the syndication of the bridge loan, which became "hung" amid less-than-anticipated interest in the proposed subsequent bond deal, sources say.
Goldman Sachs & Co. and Deutsche Bank Securities Inc. were the bookrunners for the bonds.
Murray Energy is a St. Clairsville, Ohio-based coal company.
| Issuer: | Murray Energy Corp.
|
| Amount: | $400 million
|
| Maturity: | Dec. 5, 2020
|
| Securities: | Senior secured notes
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc.
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 737 bps
|
| First call: | Dec. 15, 2017 at 104.75
|
| Settlement date: | May 8
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Issued to bridge loan participants
|
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