filecrux
Oct 8, 1:16 PM
$HNRG Follow-up: Indiana coal-plant owner Hallador calls its Duke deal
$700M, but
$422M is estimated energy sales; only
$271M (
$45M/yr, 2029-35) is fixed, vs
$101.5M Q2 2026 revenue. Upside: priced 20%+ over March. Sept 17 8-K:
$600M Kennedy Lewis loan (
$550M drawn,
$50M later) + optional
$75M revolver,
$675M max, for 460MW Turtle Creek gas plant (<
$800M); ~
$120M repays bank debt; 3.5% cash+SOFR+4.5% PIK pre-start, then SOFR+8%, 3.5% floor. Watch: Indiana OK of older Merom deals by Nov 15; Turtle Creek FID (Sept goal) pending; air permit filed Sept 25.
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