"Walter Energy Offers Bonds to Pay Off Revolver That Limits Debt" $WLT

The story:

"The paydown will terminate the loan, ridding the Birmingham, Alabama-based company of a corresponding leverage test that prevented the highly indebted coal miner from accessing the full amount of the loan"

Good comment from correspondent:

"Everything you need to know about the bond market; taking the place of the banks which have a sensible limit on leverage (which forces restructuring and recognition that the ability to service debt has dropped) to enable the company to pile on debt and ultimately leave a bigger hole in the ground."