Simpson Thacher recently represented Walter Energy, Inc. in its offering of $450 million aggregate principal amount of 8.500% Senior Notes due 2021. Walter Energy used the net proceeds of the offering to repay $250 million of indebtedness outstanding under its credit facilities and the remainder for general corporate purposes. The offering was conducted in reliance on Rule 144A and Regulation S.
Walter Energy is a leading, 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. The company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 4,100 employees and contractors with operations in the United States, Canada and the United Kingdom.
The Simpson Thacher team for the transaction included Risë Norman, Louie Pastor and James Hays (Capital Markets), Robert Holo and Devin Heckman (Tax), Timothy Mulvihill (Environmental), Steven DeLott (Insurance), Aimee Adler (Executive Compensation and Employee Benefits) and Ellen Smiley (Public Company Advisory Practice).
