| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Foresight Energy LP > News item |
Foresight solicits consents for 7 7/8% senior notes due 2021
By Toni Weeks
San Luis Obispo, Calif., March 30 – Foresight Energy LP wholly owned subsidiaries Foresight Energy LLC and Foresight Energy Finance are soliciting consents from holders of their outstanding $600 million of 7 7/8% senior notes due 2021 to approve amendments to the indenture governing the notes, according to a press release.
The companies want to be allowed to incur up to $1.05 billion of secured debt and to amend the definition of “qualifying owners” to allow Murray Energy Corp. and its affiliates to acquire an 80% voting interest in Foresight Energy GP LLC without triggering a change of control. They also want to further modify the definition of “qualifying owners” to remove the persons currently listed so that, following the acquisition, they will no longer be considered as qualifying owners.
Foresight will pay a cash consent payment of $80 per $1,000 principal amount of notes as of the record date, 5 p.m. ET on March 27, to holders who deliver a consent by the expiration date. Settlement of the consent fee is expected on or promptly after the consummation of the acquisition.
The consent solicitation expires at 5 p.m. ET on April 1.
Adoption of the proposals requires the consents from holders of at least a majority of the principal amount of all outstanding notes voting as a single class.
Foresight also said that the holders of greater than a majority in principal amount of the notes have agreed to provide consents to the changes.
According to the press release, if the acquisition is not completed by 5:30 p.m. ET on April 27, the proposed amendments shall revert to the form currently in effect.
Foresight is a coal producer based in St. Louis.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.