Alpha Natural Resources Inc. (NYSE: ANR) filed its intent to raise an aggregate of up to $400 million through offering $250 million for their convertible senior notes due 2015 and a concurrent common share offering.
The pricing and some of the general terms have already been reached. They are offering 3.6 million common shares at a par-value of $0.01 per share, raising a total of $143.6 million. UBS Investment Bank and Citigroup Global markets are the joint book-running managers for the transaction.
Alpha, an Appalachian coal supplier with a $2.7 Billion market cap, will use the net proceeds from the convertible note offering and the common share offering to repurchase up to $175 million aggregate principal amount on the 10% Senior Notes due 2012.
We frequently discuss secondary offerings, special financings, restructurings, insider activity, activist investor trends, IPO’s, back door plays into IPO’s, SPAC’s, spin-offs, and more on our open email distribution list.
Shares are up $0.51, over 1$, to $41.80 this morning. The 52-week range is $15.50 to $44.58.
Rachel Lopez
April 2, 2008
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