Arch Coal: Term Loan Lenders Ask Admin Agent Not To Cooperate With Exchange |
| July 30, 2015 | July 2015 Bond Updates |
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A group of Arch Coal’s lenders that purportedly hold more than 50% of the approximately $1.9 billion term loan have directed the administrative agent to not cooperate with the company’s proposed uptier exchange offer, asserting, among other things, that the transaction triggers the MFN protection on the term loan and that the company cannot tap its incremental facility for non-cash consideration, according to a statement released by the company this morning. |
| View more at: http://www.forbes.com/sites/spleverage/2015/07/29/arch-coal-term-loan-lenders-ask-admin-agent-not-to-cooperate-with-exchange/ |
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