Murray Energy Corporation Announces Receipt of Requisite Consents in its Consent Solicitations Relating to its 8.625% Senior Secured Notes due 2021 and its 9.50% Senior Secured Notes due 2020
ST. CLAIRSVILLE, Ohio, March 31, 2015 /PRNewswire/ -- Murray Energy Corporation ("Murray Energy" or the "Company") today announced that it has received the requisite consents pursuant to its previously announced solicitations of consents (the "Consent Solicitations") from holders of its outstanding 8.625% Senior Secured Notes due 2021 (the "2013 Notes") and its outstanding 9.50% Senior Secured Notes due 2020 (the "2014 Notes" and, together with the 2013 Notes, the "Notes") to approve amendments (the "Proposed Amendments") to the indenture relating to the 2013 Notes and the indenture relating to the 2014 Notes (the "Indentures"). The Consent Solicitations expired at 5:00 p.m., New York City time, on March 31, 2015 and were not extended.
The Company sought the consent of holders to the Proposed Amendments in order to facilitate the implementation of changes to its capital structure in connection with the acquisition of interests in Foresight Energy GP LLC and Foresight Energy LP (the "Acquisition"), and to provide the Company with additional operational flexibility following the Acquisition. In particular, the Proposed Amendments will allow the incurrence of additional secured indebtedness in order to finance and facilitate the Acquisition. The Acquisition is subject to certain closing conditions, and there is no assurance that the Acquisition will be consummated.
The Company expects to execute and deliver, along with The Bank of New York Mellon, the trustee, a supplemental indenture with respect to each of the Indentures (together, the "Supplemental Indentures") on April 1, 2015 or soon thereafter. However, the Supplemental Indentures will not become operative until certain conditions are satisfied, including the Acquisition Condition and Tender Offer Condition (each defined in the Consent Solicitation Statement, as amended), whereupon the Proposed Amendments will apply to all Notes that are outstanding, including those held by holders who did not give their consent.
IMPORTANT NOTE
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of consent, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release contains "forward-looking" statements within the meaning of the federal securities laws. These statements contain words such as "possible," "intend," "plan," "will," "if" and "expect" and can be impacted by numerous factors, including risks relating to the securities markets generally, the impact of adverse market conditions affecting business of Murray Energy, adverse changes in laws including with respect to tax and regulatory matters and other risks. There can be no assurance that actual results will not differ from those expected by management of Murray Energy. Murray Energy does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Murray Energy become aware of, after the date hereof. The closing of the Supplemental Indentures and the effectiveness of the Proposed Amendments are subject to the satisfaction or waiver of several conditions described in the Consent Solicitation Statement, as amended.
SOURCE Murray Energy Corporation
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