7 Mar 2017farm in farm out agreement● NeutralMajor
Foresight launched a private offering of $500 million of second-lien senior secured notes due 2024, to help refinance the 2021 second-lien PIK notes, the 2017 exchangeable PIK notes and its existing bank revolver and term loan. This follows the Feb 24 conditional redemption notice. If the deal and related transactions close, Murray Energy is expected to exercise its option to buy a further 46% voting interest in the general partner from Foresight Reserves and Michael Beyer, taking Murray to 80%; Christopher Cline would then leave the GP board, Robert Edward Murray would join it, and Robert D. Moore is expected to become chairman.