Junk Bond Deal for Murray Energy to Take Over Bowie Resource Partners Falls Through FacebookTwitterLinkedInEmailPrint分享Wall Street Journal: Bowie Resource Partners LLC, a Kentucky coal-mining company, pulled a $510 million debt deal Friday as investor sentiment toward high-yield debt became more cautious.The deal would have paved the way for a takeover of the company by Murray Energy Corp. and new bondholders.The proposed deal was intended to refinance Bowie debt set to mature in 2020 and would have cashed out Bowie’s current owner, commodity trading firm Trafigura PTE Ltd.The debt deal was a key condition in a new partnership Bowie planned to form with Murray Energy, to be called Canyon Consolidated Resources. Murray Energy was set to take a 30.5% stake in the company, and new bond investors would’ve gotten a 28.5% stake if the debt deal had gone through.The decision to pull the plug on the capital raise puts the fate of the Canyon partnership into question.More: ($) “Coal Company Bowie Resource Partners Pulls Debt Deal Backing Takeover”
Slovenian Primoz Roglic wins Vuelta a Espana for second successive year; Britain’s Hugh Carthy makes the podium of a Grand Tour for the first time; Chris Froome finishes final race for Ineos Grenadiers Last Updated: 08/11/20 5:31pm
Newsroom GuidelinesNews TipsContact UsReport an Error It means renouncing the rights to all of their free agents, losing “Bird rights” for Jeff Green, Jamal Crawford and Austin Rivers. It means renouncing the rights to first-round pick Brice Johnson and the $1.1 million salary cap hold that comes with his guaranteed roster spot. By doing that, the Clippers would only be paying Jordan, Paul and Griffin a combined $64 million. But, then you have to add Delfino, Jordan Farmar and Miroslav Raduljica’s cap numbers – the penalty the Clippers have to pay for waiving those players over the past two years.When the Clippers released those players, they “stretched” their salaries over multiple years, and this year, they owe the trio more than $1.4 million.If that was all, the Clippers could still tend a maximum offer to Durant.But, it’s not. In the NBA’s collective bargaining agreement, there’s a provision that prohibits teams from going below 12 players on their roster, including cap holds, in the offseason. It’s called an “incomplete roster charge,” and if the Clippers dealt and renounced everyone but the Big Three, they’d be assessed nine cap holds equal to a rookie’s minimum salary – which would add up to $4.9 million.Assuming the salary cap comes in at or near the projected $94 million, the Clippers, after all that addition, subtraction, division and multiplication, could offer Durant around $23.5 million – about $3 million less than his max salary – likely in a one-year deal with a player option to maximize Durant’s earnings.If the cap goes up even more before it becomes official, the Clippers could offer more – but so would the max number others could offer Durant. If Durant were to agree, the Clippers would have the best “Big Four” in the NBA and they would have an absent “Next Eight.” Their roster would need to be filled with minimum-salary players with a sole exclusion – a $2.9 million “room exception” the team could use.And, then there’s the problem of the 2017-18 salary cap (projected at $108 million for now), when the team would have to fit Paul, Griffin, Jordan and Durant under the new cap, which would again require some numerical gymnastics.It’s why the team continued to prioritize its own free agents. Prior to them hitting the market Thursday night, the Clippers already had contact with Green, Rivers, Luc Mbah a Moute, Cole Aldrich, Crawford and Wes Johnson, according to a source. Doc Rivers has publicly said he hopes to re-sign as many of them as possible.Crawford is set to meet with the Orlando Magic in the early hours of free agency, and the reigning Sixth Man of the Year won’t have a shortage of suitors.If the Clippers get Durant, they’ll have to figure the rest out. But if Durant picks another team, with most predicting a return to Oklahoma City, the Clippers’ sights will stay, largely, in house.And who knows, maybe Carlos Delfino will get a call. Without adequate salary cap space to just walk into the meeting with a suitcase full of owner Steve Ballmer’s cash, the Clippers need to be mathematically creative to land the biggest prize in free agency. One course of action the Clippers appear interested in trying to sell is the idea of a “Big Four” with Durant joining point guard Chris Paul, forward Blake Griffin and center DeAndre Jordan, and fitting Durant’s salary under the salary cap.According to a league source, the Clippers are prepared to send Ballmer, Coach Doc Rivers, new executive vice president of basketball operations Lawrence Frank and General Manager Dave Wohl to Friday’s meeting. Paul, Griffin and Jordan could also end up attending, putting the “Big Four” pitch in three dimensions.To pull this off, they’ll need to wipe every available dollar off of their ledgers. That means trading shooting guard J.J. Redick and his $7.4 million contract, small forward Paul Pierce and his $3.5 million deal and third-year guard C.J. Wilcox and his $1.2 million salary. ORLANDO >> Remember Carlos Delfino’s time with the Clippers?He never played a game, never put on a uniform. It was a three-day tenure at the end of August in 2014, part of a salary-cap transaction, and because of those 72 hours, there are $650,000 less reasons for Kevin Durant to sign with the Clippers. It’s why the Clippers might need to bring a 10-key calculator and a green visor to their meeting with Durant on Friday in The Hamptons in New York. The Clippers will meet with Durant after he speaks with the Golden State Warriors.
Alex Meeker scored on the power play in the final minute of the period to give the Leafs some life.However, in the second ex-Leaf Nolan Percival restored the two-goal advantage before Jaxen Gemmell gave the Hawks all the goals they would need.Netminder Tallon Kramer pitched a shutout for the remaining 40 minutes and the Hawks were on their way to the Kootenay Conference Championship.“It was good for us to finish this series tonight,” Swanson said.“At this time of the season every team plays with injuries, everybody is banged up but we’ve got to pay this (Leafs) team a lot of respect, they’re banged up and gave us a test but we were able to come out on top.”Kramer faced only 10 shots in the game as Beaver Valley held a 24-10 advantage.Billy Gorn, making his first start of the playoffs, took the loss in goal for Nelson.Despite the season-ending loss, Leafs management has to be happy with the way the year ended.Nelson was able to grind out three straight wins to close out the regular season to edge past Grand Forks for third place in the Murdoch Division Standings.The Leafs then pulled off the upset in the Murdoch Semi Final, knocking off Castlegar Rebels in six games before losing a series that may have ended differently had Nelson got a few breaks in Games two and three.“I told the players the team that was here in November definitely wasn’t the team I saw out on the ice tonight,” said Leaf Head Coach Mario DiBella.“The team in November certainly couldn’t have knocked off Castlegar in six games and 27 periods of hockey and pushed Beaver Valley in this playoff series.”“I’m very proud of the group of young men that in that dressing room,” DiBella added.“They were trouble-free and I have some very fond memories of coaching them this season.”GAME NOTES: Billy Gorn tasted his first action since January in goal against his former mates. Devin Allen had started the past nine games for Nelson. . . Kyle Hope led the Hawks with three points while Tyler Hartman and Jaxen Gemmell each had a two points. . . .There was another large crowd at the NDCC Arena for Game four, with 780 fans attending. . . .The Conference Finals are expected to start next weekend. Beaver Valley will host the first two games of the best-of-seven series. . . . Game five of the Kimberley-Creston series goes Monday in Creston. During the regular season Beaver Valley put together a few lengthy winning streaks en route to the Kootenay International Junior Hockey League title.Those same Nitehawks are at it again.The Hawks made it a clean sweep through the Murdoch Division Saturday night at the NDCC Arena, dumping the Nelson Leafs 4-1 for the club’s eighth straight playoff victory.The loss eliminated the Leafs from the 2017 KIJHL Playoffs.Beaver Valley wins the Murdoch Division for the fourth straight season and now earns a date with the winner of the Kimberley-Creston series in the Kootenay Conference Final.The Dynamiters currently lead the best-of-seven affair 3-1 after edging the Thunder Cats 3-2 in overtime Saturday in Kimberley.“We’re just trying to stick to our game, play it game by game and not get to ahead of ourselves,” said Beaver Valley captain Sam Swanson following the post-series handshake with the Leafs.“We’re playing pretty good hockey right now but we still have more left in the tank.”“It was nice to get this series done early, have a good rest and look forward to the (Kootenay Conference Championship),” Swanson added.It didn’t take long for the Nitehawks to get it going in Game four. Leading 3-0 in the series thanks to an amazing comeback in overtime during Game two followed by a double-overtime victory Friday in Game three, the players had one thing on their minds and that was eliminating the Nelson Leafs.Hawks out shot the Leafs 10-3 in the first period, and were full value for a 2-0 lead on goals by Tyler Ghirardosi and Kyle Hope.