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Signature Sponsor
June 25, 2019 - Cloud Peak Energy Inc. (OTC: CLDPQ) (the “Company”, “Cloud Peak Energy” or “we”) has announced the extension of its previously announced tender offer providing the opportunity for the holders of record as of May 17, 2019 of the Second Lien Senior Secured Notes due 2021 (the “2021 Notes”) issued by Cloud Peak Energy Resources LLC and Cloud Peak Energy Finance Corp. (the “Tender Offer”) to (i) participate as a lender in its $35.0 million Superpriority Senior Secured Priming Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”) on a pro rata basis up to such holder’s percentage ownership of the outstanding 2021 Notes and (ii) to exchange, or “roll-up,” a principal amount of their 2021 Notes equal to 80% of their commitments as a lender under the DIP Credit Agreement for an equal amount of additional loans under the DIP Credit Agreement.
As a result of a change in the date for the hearing before the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to consider entry of an order approving the relief granted and contemplated in Interim Order (I) Authorizing the Debtors to (A) Obtain Postpetition Financing Secured by Senior Priming Liens and (B) Use Cash Collateral, (II) Granting Liens and Providing Superpriority Administrative Expense Status, (III) Granting Adequate Protection, (IV) Modifying the Automatic Stay and (V) Granting Related Relief [Docket No. 106] on a final basis (the “Final DIP Order”), the Company announced an extension of the expiration date of the Tender Offer. The following reflects the updated dates with respect to the Tender Offer, which are subject to change:
The Notice and Subscription Form for Non-Backstop Parties, which contains the terms and conditions of the tender offer for holders of 2021 Notes (other than holders that are existing lenders under the DIP Credit Agreement), is available under the DIP Syndication Material tab at https://cases.primeclerk.com/cloudpeakenergy/. The disclosure herein is subject to and qualified in its entirety by reference to the Notice and Subscription Form for Non-Backstop Parties and documents referred to therein and, in the event of any conflict, the terms of such documents shall control. |
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