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Murray Energy receives commitment from lenders to exchange term loans

Murray Energy Corp. received commitments from over 95% of lenders of outstanding term loans under its credit and guaranty agreements to exchange existing term loans for new term loans, according to a June 14 release.

Highly leveraged compared to its peers following a series of coal asset acquisitions, the company previously announced it entered into an agreement with debt holders to extend upcoming debt maturities. Credit agencies including S&P Global Ratings and Moody's Investors Service said the deal constituted a limited default because investors would receive less value than the promise of the original securities under the "distressed" deal.

Among other changes, the announced refinancing will exchange 71% of the company's 11.25% senior secured notes due 2021 for new 12.00% senior secured notes due 2024 at an exchange rate of $740 in aggregate principal amount of new notes for each $1,000 in the aggregate principal amount of notes exchanged.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.