TITLE

Alpha to Mine HY Market for $1.7B

AUTHOR(S)
Sheahan, Matthew
PUB. DATE
April 2011
SOURCE
High Yield Report;4/18/2011, Vol. 22 Issue 16, p19
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that Alpha Natural Resources, a coal supplier, will offer 1.7 billion U.S. dollars junk bond in an effort to finance its acquisition of Massey Energy for 7.1 billion U.S. dollars. Massey, a coal producer, is valued at 8.5 billion U.S. dollars. An overview of the financial resources of Alpha to support the acquisition is given, including company stock and commitment of 3.3 billion U.S. dollars in debt from Citigroup and Morgan Stanley.
ACCESSION #
60173532

 

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