Simpson Thacher Represents Walter Energy, Inc. in $320 Million Senior Secured Notes Offering
07.14.14
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Simpson Thacher recently represented Walter Energy, Inc. in its offering of $320 million aggregate principal amount of additional 9.500% Senior Secured Notes due 2019. Walter Energy used the net proceeds of the offering of the notes to repay $298.1 million of indebtedness outstanding under its revolving credit facility and to pay related fees and expenses. 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 2,900 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, Sung Bum Cho and Tamaron Greene (Capital Markets); James Cross and Michael Vernace (Credit); Jonathan Cantor and Devin Heckman (Tax); Timothy Mulvihill (Environmental); Aimee Adler (Executive Compensation and Employee Benefits); Jonathan Pall (Collateral); Jodie Sopher Pimentel (Intellectual Property); and Krista McManus and Beatrice Branch (Real Estate).