ST. LOUIS--(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 Corporation
65 Broadway, Suite 404
New York, New York 10006
Attn: Corporate Actions
Banks and Brokers call: (212) 430-3774
Toll 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.