Morgan Stanley Agents Walter Energy Facility Amendment
Walter Energy announced its credit facility was amended to improve the company’s financial flexibility. According to the company’s 8-K filing, Morgan Stanley Senior Funding served as administrative agent.
The company also announced that as a result of this amendment and in light of current metallurgical coal market conditions, the Board of Directors has approved a reduction in the Company’s regular quarterly dividend to $0.01 per share from $0.125 per share. The dividend is payable on Sept. 6, 2013 to shareholders of record as of the close of business on Aug. 6, 2013.
Walter Energy is a 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.