Foresight Reserves' affiliate completes global debt restructuring of more than $1.4 billion of indebtedness

Client(s) Foresight Reserves, LP

Jones Day advised Foresight Reserves LP ("Reserves") in connection with the out-of-court restructuring of Foresight Energy LP's ("Foresight Energy") capital structure. Among other items, the restructuring included a tender and exchange offer of $600 million of previously issued unsecured notes and the amendment of certain of Foresight Energy's first lien obligations. Through the tender and exchange offers, Reserves and certain of its affiliates purchased approximately $105 million of the previously issued unsecured notes for cash. Foresight Energy exchanged the $600 million (plus accrued and unpaid interest) of unsecured notes for approximately $349 million of new second lien notes, approximately $299 million of new convertible PIK notes, and warrants to acquire up to 4.5 percent of the total outstanding units of Foresight Energy upon the redemption of the convertible PIK notes.