Trout Tightens Spread

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Trout Tightens Spread

Deutsche Bank and Lehman Brothers reverse flexed the pricing on Trout Coal Holding's bank deal.

Deutsche Bank and Lehman Brothers reverse flexed the pricing on Trout Coal Holding's bank deal. Pricing on the $20 million revolver and $275 million "B" loan was reduced 50 basis points to LIBOR plus 2 1/2%. The $125 million second-lien loan pricing was cut from LIBOR plus 6% to LIBOR plus 5%, according to a banker, who said the credit was "massively oversubscribed." The bank deal is financing a dividend to owners ArcLight Capital Partners. Trout owns and operates underground coal mines. A spokeswoman from ArcLight could not be reached for comment.

 

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