Murray Energy sets roadshow for $1.55 billion two-part notes offering

By Paul A. Harris

Portland, Ore., March 27 – Murray Energy Corp. plans to start a roadshow on Monday for a $1.55 billion two-part offering of second-lien senior secured notes (B3/B-), according to an informed source.

The Rule 144A and Regulation S for life deal, which is set to price on Thursday, is coming in tranches of five-year notes, which come with two years of call protection, and eight-year notes, which come with three years of call protection.

Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the joint bookrunners.

Proceeds will be used to finance a portion of the acquisition of interests in Foresight Energy GP LLC and Foresight Energy LP and to fund concurrent tender offers for any and all of Murray Energy’s 8 5/8% senior secured notes due 2021 and 9˝% senior secured notes due 2020.

The bond deal is scheduled to settle on April, concurrently with the early tender dates.

St. Clairsville, Ohio-based Murray Energy and St. Louis-based Foresight Energy are coal companies.

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