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Alpha Natural Resources, inc. c Message Board

  • arao_nyc arao_nyc May 10, 2013 12:36 PM Flag

    ANR Refi

    Wow the debt market is hot! After issuing a $345MM convert at 3.75% a few days ago, ANR is going to refinance their term loan (in which they will likely violate covenants soon) by issuing a $500MM 2020 COVENANT-LITE term loan (yes 2006 is back!). After refinancing this term loan debt and the converts, the company will have no debt maturities until 2018 so long time before this company could possibly file for bankruptcy. The current fed monetary policy has been a huge help and allowed this company to have enough runway to be a 5 year option on the met coal market heating up. Despite management prudently getting ahead of the refinancing curve, the stock continues to trade like garbage.

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