Warrior Met Coal launches $350 million 7 7/8% seven-year secured notes at 99.343 to yield 8%

By Abigail W. Adams

Portland, Me., Nov. 19 – Warrior Met Coal, Inc. launched its $350 million offering of seven-year senior secured notes (B1/BB) with a coupon of 7 7/8% and a discounted offer price of 99.343 to yield 8%, according to a market source.

Price talk was for a yield in the 8% area. Initial guidance was for a yield in the low 8% area.

Goldman Sachs & Co. LLC (lead left), Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp. and RBC Capital Markets LLC are bookrunners for the Rule 144A and Regulation S offering.

The notes are non-callable for three years.

Proceeds will be used to redeem the company’s senior secured notes due 2024 and for general corporate purposes.

Warrior Met Coal is a Brookwood, Ala.-based coal producer.

© 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.