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Walter Energy Sells Bonds to Pay Off Loan Limiting Debt

Walter Energy Inc. is turning to the bond market to raise money that will allow the coal miner to pay off a revolving loan that restricts its borrowing capacity.

Walter sold $320 million of debt in an add-on to its $650 million of 9.5 percent, first-lien notes due October 2019, according to data compiled by Bloomberg. It will use the money to repay borrowings on its revolving lines of credit, according to a regulatory filing today.