New Issue: Murray Energy prices $500 million 10¼% six-year notes at 98.889 to yield 10½%

By Paul A. Harris

St. Louis, Oct. 22 - Murray Energy Corp. priced a $500 million issue of 10¼% six-year second-lien senior secured notes (Caa1/B+/) at 98.889 to yield 10½% on Thursday, according to market sources.

The yield printed atop the price talk.

Goldman Sachs & Co. ran the books for the Rule 144A for life deal. Jefferies & Co. was the joint lead manager.

Proceeds, together with available cash, will be used to repay all of the debt outstanding under the Pepper Pike, Ohio-based coal producer's existing credit facilities.

Issuer:	Murray Energy Corp.
Face amount:	$500 million
Proceeds:	$494,445,000
Maturity:	Oct. 15, 2015
Securities:	Second-lien senior secured notes
Bookrunner:	Goldman Sachs & Co.
Joint lead manager:	Jefferies & Co.
Coupon:	10¼%
Price:	98.889
Yield:	10½%
Spread:	779 bps
Call features:	Callable on Oct. 15, 2012 at 110.25, 105.125, 102.563, par on and after Oct. 15, 2015
Trade date:	Oct. 22
Settlement date:	Oct. 29
Ratings:	Moody's: Caa1
	Standard & Poor's: B+
Distribution:	Rule 144A for life
Price talk:	10½% area

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