9 May 2011quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $408.7 million and net income of $81.8 million for the period ended 2011-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Apr 2011quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $408.7 million and net income of $81.8 million for the period ended 2011-03-31.
21 Apr 2011quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $408.7 million and net income of $81.8 million for the period ended 2011-03-31.
6 Apr 2011asset acquisition disposition▲ GoodMajor
On April 1, 2011 Walter completed its purchase of all of Western Coal under the December 2010 Arrangement Agreement, after Western Coal shareholders approved it on March 8 and the BC court issued its final order on March 10. Walter issued 8,951,558 shares plus CAD$2,107,018,737 in cash; after the deal 62,225,827 Walter shares are outstanding, about 14.4% held by former Western Coal holders. It signed a new credit agreement with Morgan Stanley Senior Funding as agent ($950M five-year tranche A, $1,400M seven-year tranche B, $375M five-year revolver) and repaid and terminated the 2005 credit agreement with no penalties. Joe Leonard stepped down as interim CEO (staying on the board) and Keith Calder became CEO, with Calder, David Beatty and Graham Mascall joining the board; Walter shares were also conditionally approved for listing on the TSX. This resolves the Western Coal acquisition, financing and interim-CEO threads.
11 Mar 2011asset acquisition disposition▲ GoodMajor
On March 10, 2011 Walter said it had finished negotiating a lease of about 75 million tons of recoverable Blue Creek coking coal reserves in Tuscaloosa County, Alabama from a Chevron subsidiary, and had signed an agreement to buy the North River steam coal mine in Alabama from another Chevron subsidiary. The mine price is minimal cash at closing plus assumed liabilities the company does not expect to be material, and the company said it expects the deal to be neutral to slightly accretive to earnings in the first year. Both are expected to close April 30, 2011, subject to third-party consents, regulatory notice periods and no injunctions. This adds to the Alabama expansion plans mentioned earlier, separate from the pending Western Coal deal.
15 Feb 2011quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $400.8 million for the period ended 2010-12-31.
11 Feb 2011substantial holder notice● Neutral
TIAA-CREF Investment Management, LLC, Teachers Advisors, Inc disclosed a new substantial Walter Energy, Inc. shareholding (4.87% of votes).
11 Feb 2011substantial holder notice● Neutral
TIAA-CREF Investment Management, LLC, Teachers Advisors, Inc disclosed a new substantial Walter Energy, Inc. shareholding (4.87% of votes).
8 Feb 2011substantial holder notice● Neutral
Harris Associates L.P, Harris Associates Inc reported a Walter Energy, Inc. shareholding of 3,320,396 shares (6.28% of votes) in a periodic institutional filing.
3 Dec 2010business combination● NeutralMajor
On Dec 2, 2010 Walter signed an Arrangement Agreement to buy all of Western Coal, following up the Nov 2010 proposal. Each Western Coal share gets CAD$11.50 in cash, 0.114 Walter shares, or a mix, with pro-ration if cash exceeds 70% or shares exceed 30%. Walter may issue up to about nine million shares (roughly 14% of those now outstanding), with closing expected in Q2 2011 and either side able to terminate if not done by June 30, 2011. Lenders (Morgan Stanley Funding, Bank of Nova Scotia, Credit Agricole) committed $2,725M of senior secured facilities to fund the cash, pay fees and refinance existing debt of both companies, which would replace the 2005 credit agreement. Western Coal would owe CAD$99M if terminated in specified circumstances, such as a change in its board's recommendation.
29 Nov 2010material agreement● Neutral
On Nov 23, 2010 Walter signed a seventh amendment to its credit agreement so that its purchase of 25,274,745 Western Coal shares from Audley (CAD$11.50 each) is no longer subject to a condition in the agreement. The amendment is a technical change that lets the first installment of the Audley purchase proceed; the $300.0M revolver and $138.2M term loan are described as before.
18 Nov 2010material agreement● NeutralMajor
On Nov 17, 2010 Walter agreed to buy 19.8% of Western Coal Corp. (54,547,858 shares) from Audley entities at CAD$11.50 per share, about CAD$630M (US$615M), in two installments. It also proposed to buy all of Western Coal at CAD$11.50 per share in cash and Walter stock, and agreed to 14 days of exclusive talks. This is a new acquisition thread, and a large departure from the pure-Walter coal operations of earlier filings.
5 Nov 2010quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $464.3 million and net income of $136.2 million for the period ended 2010-09-30.
27 Oct 2010quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $464.3 million and net income of $136.2 million for the period ended 2010-09-30.
6 Aug 2010quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $410.6 million and net income of $116.2 million for the period ended 2010-06-30.
29 July 2010quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $410.6 million and net income of $116.2 million for the period ended 2010-06-30.
7 May 2010quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $312.0 million and net income of $41.6 million for the period ended 2010-03-31.
29 Apr 2010quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $312.0 million and net income of $41.6 million for the period ended 2010-03-31.
19 Mar 2010securities registration● Neutral
Walter Energy, Inc. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
12 Feb 2010substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Capital Services Inc reported a Walter Energy, Inc. shareholding of 275,693 shares (5.00% of votes) in a periodic institutional filing.
11 Feb 2010substantial holder notice● Neutral
Harris Associates L.P, Harris Associates Inc reported a Walter Energy, Inc. shareholding of 3,483,200 shares (6.57% of votes) in a periodic institutional filing.
6 Nov 2009quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $278.3 million and net income of $23.8 million for the period ended 2009-09-30.
21 Oct 2009quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $278.3 million and net income of $23.8 million for the period ended 2009-09-30.
8 Sept 2009material agreement▲ GoodMajor
On Sept 3, 2009 Walter signed a sixth amendment to its 2005 credit agreement, extending the revolver's maturity from Oct 2010 to July 2, 2012 and setting its size at $300.0M (it was due to shrink to $250.0M by Dec 31, 2009). Pricing rose 100 basis points, capital expenditure and senior secured leverage covenants were removed, and the consolidated leverage limit was loosened from 2.5x to 3.0x. The $138.2M term loan due Oct 2012 is unchanged.
7 Aug 2009quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $169.1 million and net income of $11.1 million for the period ended 2009-06-30.
23 July 2009quarterly activities report● Neutral
Walter Energy, Inc. reported quarterly revenue of $169.1 million and net income of $11.1 million for the period ended 2009-06-30.
29 Apr 2009listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Walter Energy, Inc.'s securities for listing, clearing them to begin trading.
23 Apr 2009asset acquisition disposition● NeutralMajor
Walter completed the spin-off of its Financing business (Walter Investment Management LLC) on April 17, 2009, distributing about 52.8 million Spinco interests, one per Walter share held on the Feb 27, 2009 record date. Spinco then paid a taxable dividend and merged into Hanover Capital Mortgage Holdings, which was renamed Walter Investment Management Corp. This completes the spin-off and merger thread. Walter signed a trademark license, transition services, tax separation and joint litigation agreement with Spinco; Walter keeps liabilities unrelated to Spinco, such as homebuilding.
19 Feb 2009business combination● NeutralMajor
Walter and HCM amended the merger agreement so Walter can no longer waive the closing conditions on IRS rulings and an accountants' opinion about the tax-free treatment of the spin-off and merger. The SEC declared HCM's registration statement effective on Feb 18, 2009. HCM's shareholders will vote on April 15, 2009, and Walter's record date for the spin-off dividend is Feb 27, 2009. The press release says the merger is expected to close in the second quarter of 2009, pending HCM shareholder approval and other conditions, and no Walter shareholder vote is needed.
17 Feb 2009substantial holder notice● Neutral
Alan Fournier c/o Pennant Capital Management, LLC, Pennant Capital Management, LLC reported a Walter Energy, Inc. shareholding of 1,430,670 shares (2.60% of votes) in a periodic institutional filing.