Warrior Met Coal launches $350M senior secured notes offering to redeem existing 8% notes due 2024

WARRIOR MET COAL, INC.

Proposes $350M of senior secured notes due 2028 in a private offering; net proceeds plus cash to redeem all outstanding 8.00% senior secured notes due 2024.
Redemption price set at 102% of principal plus accrued interest; scheduled redemption date December 18, 2021, subject to successful offering close.
Plans to amend and restate ABL facility concurrently: extend maturity to 5th anniversary, increase LC sublimit to $65M, switch from LIBOR to SOFR.
As of September 30, 2021, available restricted payment capacity under Cumulative Credit basket was approximately $470.2M; $58.8M in unused Declined Amounts as of November 18, 2021.

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