Davis Polk is advising an ad hoc group of term loan lenders holding approximately 61% of the outstanding term loans of Murray Energy Corporation and noteholders holding approximately 71% of Murray Energy’s outstanding 11.25% senior secured notes due 2021 in connection with a term loan amendment and exchange and a private notes exchange with Murray Energy. On June 4, 2018, Murray Energy announced that it had entered into a Transaction Support Agreement with the ad hoc group pursuant to which, among other things, the noteholders will receive $740 in aggregate principal amount of new 12% notes due 2024 in exchange for each $1,000 of 11.25% notes tendered, and the term loan lenders will be offered participation in a new term loan governed by a new superpriority credit agreement.

Headquartered in St. Clairsville, Ohio, Murray Energy is the largest privately owned coal company in the United States, producing approximately 76 million tons of bituminous coal each year and employing over 6,000 people in six states. The company owns and operates thirteen active mines in the United States and Colombia.

The Davis Polk restructuring team includes partner Damian S. Schaible, counsel Christian Fischer and associates Adam L. Shpeen and Samuel A. Wagreich. The finance team includes partner Monica Holland and associate Scott G. Johnsson. The capital markets team includes partner Marcel Fausten and associate Mahfouz Basith. Partner Nick Benham and counsel Aaron Ferner advised as to matters of English law. Members of the Davis Polk team are based in the New York and London offices.

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