Foresight Energy LP and Foresight Reserves LP Announce Results of Cash Tender Offer and Exchange Offer
August 29 2016 - 7:00AM
Business Wire
On August 29, 2016, Foresight Energy LP (NYSE: FELP)
(“FELP,” and along with its
consolidated subsidiaries, the “Partnership”) and Foresight Reserves LP (a
principal equityholder of FELP’s general partner) (“Reserves”) announced the results of the
exchange offer (the “Exchange
Offer”) and cash tender offer (the “Tender Offer”) for the outstanding 7.875%
Senior Notes due 2021 (“Existing Senior
Notes”) (144A CUSIP No. 345525 AB5 — ISIN No.
US345525AB51 / REG. S CUSIP No. U34550 AC4 — ISIN No. USU34550AC44)
of Foresight Energy LLC and Foresight Energy Finance Corporation
(wholly owned subsidiaries of FELP, and together, the “Issuers”). The Tender Offer and Exchange
Offer expired at 12:00 a.m. midnight, New York City time, at the
end of August 26, 2016 (the “Expiration
Time”).
The Tender Offer and Exchange Offer were made in connection with
the Partnership’s proposed restructuring, to holders of Existing
Senior Notes (other than Reserves, its investors or their
respective affiliates) (“Non-Reserves
Holders”): (i) inside the U.S. who are “qualified
institutional buyers” (as defined in Rule 144A under the Securities
Act of 1933, as amended (the “Securities
Act”)) or who are “accredited investors” (as defined in
Rule 501 under the Securities Act); and (ii) outside the United
States who are not “U.S. Persons” (as defined in Regulation S under
the Securities Act) (“Eligible
Holders”).
As of the Expiration Time, according to Global Bondholder
Services Corporation, the exchange agent for the Tender Offer and
the Exchange Offer, Eligible Holders tendered $516.8 million in
aggregate principal amount of Existing Senior Notes into the Tender
Offer and the Exchange Offer (representing over 99.9% of the
aggregate principal amount of Existing Senior Notes held by
Non-Reserves Holders), satisfying the minimum tender condition.
FELP, the Issuers and Reserves intend to accept all such
Existing Senior Notes tendered in the Tender Offer and the Exchange
Offer and to pay such consideration offered in connection
therewith, subject to the terms and conditions of the Tender Offer
and the Exchange Offer.
Questions concerning the Tender Offer and Exchange Offer should
be directed to the exchange agent as follows:
Global Bondholder Services Corporation65
Broadway, Suite 404New York, New York 10006Attn: Corporate
Actions
Banks and Brokers call: (212) 430-3774Toll
free: (866) 470-3700
About Foresight Energy LP
Foresight Energy LP is one of the largest holders of coal
reserves in the United States, and its reserves can support over
100 years of production at its current production levels. The
company owns four mining companies in the Illinois Basin.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements and information in this press release may
constitute “forward-looking statements.” The words “propose,”
“believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,”
“outlook,” “estimate,” “potential,” “continues,” “may,” “will,”
“seek,” “approximately,” “predict,” “anticipate,” “should,”
“would,” “could” or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are based on
the Partnership’s current expectations and beliefs concerning
future developments and their potential effect on us. While
management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that the
future developments affecting us will be those that we anticipate.
All comments concerning the proposed restructuring described herein
are based on the current state of the ongoing related
negotiations.
The successful consummation of the transactions contemplated by
the restructuring, including the Tender Offer and Exchange Offer,
are subject to various conditions, including conditions that are
not within the control of the Partnership or its affiliates. There
can be no assurances that the Partnership or any of its affiliates
will be able to successfully implement any of the proposed
restructuring transactions, or if they are able to do so, that the
expected benefits of the restructuring transactions can be
achieved.
We continue to experience substantial financial, business,
operational and reputational risks that threaten our ability to
continue as a going concern and could materially affect our present
expectations and projections. For additional information regarding
known material factors that could cause our actual results to
differ from those contained in or implied by forward-looking
statements, please see the sections entitled “Risk Factors” in the
Partnership’s Annual Report on Form 10-K for the year ended
December 31, 2015, filed with the Securities and Exchange
Commission on March 15, 2016, and in subsequent SEC filings.
You are cautioned not to place undue reliance on forward-looking
statements, which are made only as of the date hereof. We undertake
no obligation to publicly update or revise any forward-looking
statements after the date they are made, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160829005330/en/
Foresight Energy LPGary M. Broadbent,
314-932-6152Assistant General Counsel and Media DirectorInvestor.relations@foresight.comMedia@coalsource.comorForesight
Reserves LPThe Cline Group, LLCRichard H. Verheij,
561-626-4999General Counsel
Foresight Energy Partners (NYSE:FELP)
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