Bowie Resource Partners LLC has announced today that it intends to refinance its existing indebtedness as part of the financing for the previously announced acquisition of the El Segundo and Lee Ranch mining complexes in New Mexico and the Twentymile mining complex in Colorado from Peabody Energy Corp.
Bowie intends to launch the financing at the beginning of the first quarter of 2016. The acquisition and related financing are also expected to close in the first quarter of 2016.
These acquisitions are intended to nearly double the size of Bowie's production output to 25 million tpy, generating top line revenues of US$1 billion annually. Bowie will operate five mining complexes in Colorado, New Mexico and Utah, employing over 1,700 people. It is reported that the acquisitions will further enhance Bowie's growing business platform. The combined company will continue to focus heavily on safety and operations excellence.
Deutsche Bank Securities Inc. is acting as Lead Arranger and Administrative Agent and Citigroup Global Markets Inc. are acting as Joint Lead Arranger on the financing.
Edited by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/18122015/bowie-refinancing-existing-indebtedness-to-finance-peabody-transaction-3312/