Blackhawk Mining launches $300 million term B at Libor plus 1,000 bps

By Sara Rosenberg

New York, May 5 – Blackhawk Mining launched on Tuesday its $300 million five-year senior secured term loan B (Caa1/B) with price talk of Libor plus 1,000 basis points with a 1% Libor floor and an original issue discount of 98, according to a market source.

The loan is non-callable for six months, then at 102 for a year and 101 for a year, the source said.

Included in the term loan is amortization of 1% per annum and a maximum senior secured leverage covenant.

Commitments are due at noon ET on May 18, the source added.

Along with the term loan, the company will be getting a $60 million ABL revolver.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Blackhawk Mining is a Lexington, Ky.-based coal mining company.

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