Simpson Thacher Represents Walter Energy, Inc. in $450 Million Senior Secured Notes Offering
09.30.13
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Simpson Thacher recently represented Walter Energy, Inc. in its offering of $450 million aggregate principal amount of 9.500% Senior Secured Notes due 2019. Walter Energy used the net proceeds of the offering (i) to repurchase and extinguish $250 million of its Term Loan A through a Dutch Auction process and (ii) the remainder for general corporate purposes. The offering was conducted in reliance on Rule 144A and Regulation S.
Walter Energy is a leading, publicly traded “pure-play” metallurgical coal producer for the global steel industry with strategic access to high-growth steel markets in Asia, South America and Europe. The company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 4,100 employees with operations in the United States, Canada and the United Kingdom.
The Simpson Thacher team for the transaction included, among others, Risë Norman, Jeremy Barr and Phong Quan (Capital Markets); James Cross (Credit); Devin Heckman (Tax); Timothy Mulvihill (Environmental); Steven DeLott (Insurance); Aimee Adler (Executive Compensation and Employee Benefits); Jonathan Pall (Collateral); Zara Ohiorhenuan (Intellectual Property); and Krista McManus (Real Estate).