S&P rates Warrior Met notes BB

S&P said it gave Warrior Met Coal Inc.’s planned $350 million in senior secured notes BB issue and 1 recovery ratings. Concurrently, the agency affirmed Warrior Met’s B+ issuer rating.

“We anticipate the record-high met coal prices in the second half of 2021 and the supply tightness in the international market to benefit Warrior and lead to adjusted debt leverage of 2x-2.5x for fiscal 2021, compared with our previous expectation of 3.5x-4x,” the agency said in a press release.

S&P said it now forecasts Warrior's 2021 adjusted EBITDA of $235 million-$240 million will be about 75% higher than previously expected.

Warrior Met will use the proceeds to refinance its outstanding senior notes and extend its $125 million asset-based lending facility.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.