Coal producer ICG announces stock for debt trade
By APTuesday, January 12, 2010
ICG announces stock for debt trade
CHARLESTON, W.Va. — International Coal Group says it has agreed to trade 6.9 million shares of stock for $24.5 million worth of convertible debt.
The Scott Depot-based mine operator announced the deal in a regulatory filing Tuesday. ICG says the transaction was negotiated privately and does not name any investors involved in the deal.
The convertible debt ICG is repurchasing pays 9 percent interest and matures in 2012.
ICG operates 13 mining complexes in Appalachia and Illinois. Its shares closed at $4.18, down 9 cents, or 2.11 percent, Tuesday.
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