Actionable news
0
All posts from Actionable news
Actionable news in ACI: ARCH COAL Inc,

News From Arch Coal NOT FOR IMMEDIATE RELEASE

The following excerpt is from the company's SEC filing.

Investors: Charles Dayton 314/994.2912

Arch Coal, Inc. Announces Termination of Private Debt Exchange Offers

Due to recent court decision and other factors, Arch has determined that conditions have not and will not be satisfied.

Arch continues active dialogue with various creditors with respect to a balance sheet restructuring.

ST. LOUIS, October 27, 2015 Arch Coal, Inc. (Arch) (NYSE:ACI) today announced the termination of its previously announced (i) private offer to

exchange (the 2020 Exchange Offer) new 6.25% Trust Certificates due 2021 (the Trust Certificates) and a cash payment for any and all of its outstanding 7.25% Senior Notes due 2020 (the 2020 Notes) and the related offer to holders of 2020 Notes that were not eligible to participate in the 2020 Exchange Offer to exchange new 2022 Notes and a cash payment for their 2020 Notes (the Ineligible Holders Offer) and (ii) private offer to exchange (the Concurrent Exchange Offer and, together with the 2020 Exchange Offer and the Ineligible Holders Offer, the Exchange Offers) Trust Certificates, 8.00% Senior Secured Notes due 2022 and 12.00% Senior Secured Second Lien Notes due 2023 for its outstanding 7.000% Senior Notes due 2019, 9.875% Senior Notes due 2019 and 7.250% Senior Notes due 2021.

The Exchange Offers expired pursuant to their terms at 12:00 midnight, New York City time, on October 26, 2015.

Furthermore, the previously announced support agreement that Arch had entered into on July 1, 2015 (as amended, the Support Agreement) with holders of approximately 56.9% in aggregate principal amount of the 2020 Notes expired by its terms on October 26, 2015. The Support Agreement has not been extended by the parties thereto.

Prior to the expiration of the Exchange Offers

, certain term loan lenders under Archs Amended and Restated Credit Agreement dated as of June 14, 2011 (the Directing Lenders) delivered a letter to the term loan...


More