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Foresight Energy Closes $1.55 Billion Financing

August 26, 2013, 07:24 AM
Filed Under: Energy

Foresight Energy LLC announced it completed a $1.55 billion financing including a $500 million secured revolving credit facility due August 2018, a $450 million secured term B loan due August 2020 and a private offering of $600 million aggregate principal amount of 7.875% Senior Notes due 2021 by the company and Foresight Energy Finance Corporation. The proceeds from this transaction will be used to refinance existing indebtedness and to fund a distribution to the Company’s owners. The financing provides the Company with increased liquidity and an enhanced debt maturity profile as it completes development of a fourth longwall mine in early 2014.

The Issuers also announced the settlement of their previously announced cash tender offer and consent solicitation with respect to any and all of their outstanding $600 million aggregate principal amount of 9.625% Senior Notes due 2017 (the “2017 Notes”). The tender offer and the consent solicitation were subject to the satisfaction or waiver of certain conditions which were satisfied or waived as of August 23, 2013 and were described in the Issuers’ Offer to Purchase and Consent Solicitation Statement, dated July 23, 2013, together with the related Consent and Letter of Transmittal, dated July 23, 2013 (the “Offer to Purchase”).

Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. acted as joint dealer managers and solicitation agents and Global Bondholder Services Corporation acted as the tender agent and information agent for the tender offer and consent solicitation.

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