UPDATE: Walter Energy Says Requires No Incremental Funding

Walter Energy Inc. WLT, a leading, publicly traded “pure-play” producer of metallurgical (met) coal for the global steel industry, today said that it will not proceed at this time with a refinancing of a portion of its existing debt. The Company had said in a Current Report on Form 8-K dated June 5, 2013, that it had begun exploring options to refinance a portion of its existing debt and that the refinancing transactions could include borrowings under a new secured term loan facility, a new revolving credit facility, and an unsecured debt financing, the proceeds of which the Company intended to use to repay outstanding indebtedness and to pay fees and expenses related to the refinancing transactions. Earlier this year the Company completed a closing of a $450 million senior note offering that provided enhanced financial flexibility and liquidity. The Company has no material debt principal payments due until 2015, and it requires no incremental funding at this time. The proposed refinancing would not have raised additional capital.