Commodities & Metals

More Woes in Coal at Walter

Walter Energy, Inc. (NYSE: WLT) is getting to find out all over again about the woes of coal. Its stock sold off with the sector last week after a Goldman Sachs analyst downgrade, and now Walter is seeking to make changes to its credit facility terms.

The coal company submitted a filing with the Securities and Exchange Commission on Monday signaling that it has commenced a process to amend its credit facility in order to increase its financial flexibility.

The filing said,

“The proposed amendments to the credit facility would, among other things, permit the Company to repay the existing term loan A facility without making a pro rata repayment to the existing term loan B facility. The amendment would provide that upon refinancing of the entire existing term loan A (and subject to a minimum amount of the new financing being raised in a form other than first lien debt, which could include second lien and/or convertible debt), certain covenants would be amended and certain covenants would be eliminated.”

Also disclosed in the filing was that Walter intends (at some point following the amendment process) to refinance its existing term loan A facility.

Of course, investors have to remember that there are no assurances that any of these transactions will be consummated.

Walter Energy (NYSE: WLT) shares were down 9.4% at $9.48 shortly before the closing bell on Monday. The stock hit a new multi-year low, and the adjusted 52-week trading range is now $9.32 to $31.76.

In 20 Years, I Haven’t Seen A Cash Back Card This Good

After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers. 

A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.

Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous. 

 

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.