Walter Energy Announces Closing of $500 Million Senior Notes Offering
November 21 2012 - 10:51AM
Marketwired
Walter Energy Inc. ("Walter Energy") (NYSE: WLT) (TSX: WLT) today
announced the closing of its previously announced private offering
of $500.0 million aggregate principal amount of its 9.875% senior
notes due 2020 (the "Notes"). The Notes will be guaranteed by each
of Walter Energy's current and future wholly-owned domestic
restricted subsidiaries that from time to time guarantees any of
Walter Energy's indebtedness or any indebtedness of any of Walter
Energy's restricted subsidiaries. The Notes and related guarantees
were offered only to qualified institutional buyers in reliance on
Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and to non-U.S. persons in transactions outside
the United States in reliance on Regulation S under the Securities
Act. The Notes have not been registered under the Securities Act,
and, unless so registered, may not be offered or sold in the United
States absent registration or an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and other applicable securities laws. Walter Energy
plans to use the net proceeds of the offering to repay indebtedness
outstanding under its credit facilities, to pay fees and expenses
related to the offering and for general corporate purposes.
About Walter Energy
Walter Energy is the world's leading, publicly traded
"pure-play" metallurgical coal producer for global 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 4,400 employees and contractors with
operations in the United States, Canada and United Kingdom.
Safe Harbor Statement
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and may involve a number of risks and
uncertainties. Forward-looking statements are based on information
available to management at the time, and they involve judgments and
estimates. Forward-looking statements include expressions such as
"believe," "anticipate," "expect," "estimate," "intend," "may,"
"plan," "predict," "will," and similar terms and expressions. These
forward-looking statements are made based on expectations and
beliefs concerning future events affecting us and are subject to
various risks, uncertainties and factors relating to our operations
and business environment, all of which are difficult to predict and
many of which are beyond our control, that could cause our actual
results to differ materially from those matters expressed in or
implied by these forward-looking statements. The following factors
are among those that may cause actual results to differ materially
from our forward-looking statements: the market demand for coal,
coke and natural gas as well as changes in pricing and costs; the
availability of raw material, labor, equipment and transportation;
changes in weather and geologic conditions; changes in extraction
costs, pricing and assumptions and projections concerning reserves
in our mining operations; changes in customer orders; pricing
actions by our competitors, customers, suppliers and contractors;
changes in governmental policies and laws, including with respect
to safety enhancements and environmental initiatives; availability
and costs of credit, surety bonds and letters of credit; and
changes in general economic conditions. Forward-looking statements
made by us in this release, or elsewhere, speak only as of the date
on which the statements were made. See also the "Risk Factors" in
our 2011 Annual Report on Form 10-K and subsequent filings with the
SEC. New risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect us
or our anticipated results. We have no duty to, and do not intend
to, update or revise the forward-looking statements in this
release, except as may be required by law. In light of these risks
and uncertainties, readers should keep in mind that any
forward-looking statement made in this press release may not occur.
All data presented herein is as of the date of this release unless
otherwise noted.
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Contact: Paul Blalock 205.745.2627