Shares of Walter Energy Inc. ( WLT ) touched a new 52-week low of $27.30 earlier in the session, but have bounced well above that level to trade in the black at $28.52, up 1.8% in mid-day trade.
The rebound came after the company announced the closing of its private offering of $450 million aggregate principal amount of its 8.5% senior notes due 2021.
Walter Energy plans to use the net proceeds of the offering to repay $250 million of indebtedness outstanding under its credit facilities and the remainder for general corporate purposes.
WLT has a day's range of $27.30 - $28.96, with a 52-week high of $69.41.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
