ICG completes stock, notes offerings
By APTuesday, March 16, 2010
ICG completes stock, notes offerings
SCOTT DEPOT, W.Va. — International Coal Group says it has closed stock and note offerings that it’s using to raise money to refinance debt.
The Scott Depot-based mine operator said Tuesday it has sold more than 22 million shares of common stock for just over $100 million. In a separate offering, ICG says it sold $115 million worth of 4 percent notes due in 2017.
While the underwriters exercised an option for an extra $15 million in notes, ICG says they haven’t exercised a similar option for more than 3.3 million shares of stock.
ICG plans to use the money to buy back up to $139.5 million of 9 percent notes due 2012 and up to $175 million of 10.25 percent notes due 2014.
ICG has operations in Appalachia and Illinois.
