Foresight Energy LP, along with its wholly owned subsidiaries Foresight Energy LLC and Foresight Energy Finance Corp., completed refinancing its existing debt.
Foresight refinanced its second-lien senior secured PIK notes due 2021, second-lien senior secured exchangeable PIK notes due 2017, as well as its revolving credit facility and a term loan, according to a Form 8-K filed March 28.
The issuers used a new debt financing, comprising $425 million aggregate principal amount of new senior secured second-priority notes due 2023 and borrowings under new senior secured first-priority credit facilities, including a new $825.0 million term loan, and a new $170.0 million revolving credit facility. It also used proceeds from Murray Energy Corp.'s investment and cash on hand.
Murray's investment represented $60.6 million after it purchased the company's 9,628,108 common units. The proceeds from the investment were used to repay $54.5 million aggregate principal amount of the second-lien notes.