Arch Coal completed an amendment to its credit agreement to reduce the interest rate on its senior secured term loan facility. Credit Suisse acted as sole lead arranger on the transaction.
Arch Coal refinanced its senior secured term loan and increased the term loan to $300 million from $250 million. Credit Suisse served as administrative agent for the transaction.
Arch Coal filed an amended Plan of Reorganization and a related disclosure statement with the U.S. Bankruptcy Court for the Eastern District of Missouri.
Arch Coal filed for reorganization under Chapter 11 to facilitate a financial restructuring of its balance sheet. Wilmington Trust will agent a $275 million DIP financing, subject to court approval.
Bloomberg reported Arch Coal terminated a debt-exchange offer as disputes among creditors helped derail a deal that would have enabled the coal miner to slash its $5.1 billion debt load.
Bloomberg reported that a group of Peabody Energy’s senior lenders hired law firm Davis Polk & Wardwell to help protect the value of their assets as they anticipate the company will begin talks to restructure it $6.3 billion of debt.
Bloomberg reported that Arch Coal is seeking a compromise with lenders opposing a debt-swap deal that would help the coal miner avoid a bankruptcy filing.
Bloomberg reported Arch Coal is caught in a dispute with senior lenders that’s thwarting its plan to cut debt costs and avoid the fate of four industry peers that have filed bankruptcy protection.
Bloomberg reported that Bank of America has resigned as agent for Arch Coal’s lenders amid a feud over a proposed debt exchange.
Arch Coal announced it received the requisite commitments from lenders to amend its credit facility. PNC Bank acted as administrative agent.