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5 年内
RLPC: Arch Coal upsizes TLB, adds step-down
2012年5月11日 / 下午1点17分 / 5 年内

RLPC: Arch Coal upsizes TLB, adds step-down

2 分钟阅读

NEW YORK, May 11 (Reuters) - Arch Coal upsized its term loan B by $400 million and added a pricing step-down to the facility, source told Thomson Reuters LPC.

The now $1.4 billion credit is priced at 450bp over Libor with a 1.25 percent Libor floor. The original issue discount firmed at 99 after being talked in the 98.5-99 range.

Pricing will be subject to a grid 12 months after the facility closes, which will take pricing down to 425bp over Libor when total gross leverage declines to 4 times.

The upsize to the institutional loan came at the expense of the revolver, which was downsized by $400 million to $600 million.

As reported, the six-year term loan will have 102 call protection in year one and 101 call protection in year two. Up to $500 million in asset sales will be allowed to repay the term loan B at par within 12 months from closing. Arch Coal has a B1 corporate family rating and a Ba2 facility rating. Commitments were due May 10.

As previously reported, Bank of America Merrill Lynch launched the deal May 3. Recommitments to the deal are due at 3 p.m. today.

Proceeds from the term loan B will be used to tender for Arch Western Resources' $450 million in 6.75 percent senior notes due 2013, repay funded borrowings under the company's revolving credit facility and for general corporate purposes. Arch Coal is one of the world's largest coal producers with operations in all major U.S. coal basins.

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