As previously announced, Murray Energy has entered into a Transaction Support Agreement (the “TSA”) with certain holders (the “Supporting Noteholders”) of its 11.25% Senior Secured Notes due 2021 (the “11.25% Notes”) and lenders (the “Supporting Lenders” and, together with the Supporting Noteholders, the “Supporting Parties”) of Existing Term Loans.
Pursuant to the transactions contemplated by the TSA, each of the Supporting Parties agreed to support and pursue, among other things: 1.) a private exchange in which the Supporting Noteholders will exchange approximately 71% of the 11.25% Notes for new 12.00% Senior Secured Notes due 2024 (the “New Notes”), at an exchange rate of $740 in aggregate principal amount of New Notes for each $1,000 in aggregate principal amount of 11.25% Notes exchanged; 2.) amendments to the indenture governing the 11.25% Notes to, among other things, permit certain transactions contemplated by the TSA; 3.) purchase or other transfer to be offered to all lenders under the Credit Agreement of the Existing Term Loans for New Term Loans; and 4.) certain amendments to the terms of the Credit Agreement and the Collateral Trust Agreement governing the existing indebtedness.
Under the terms of the TSA, the parties have the right, under specified circumstances, to amend or terminate their support of the transactions described therein. Completion of the transactions is also subject to the satisfaction of certain conditions contained in the TSA which may be waived. Accordingly, the transactions may not be completed as described herein or at all.
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SOURCE Murray Energy Corporation
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