Patriot Coal completes sale of $250 million worth of notes
By APWednesday, May 5, 2010
Patriot Coal completes $250 million debt offering
CHARLESTON, W.Va. — Patriot Coal says it’s completed a $250 million debt offering.
Patriot says the offering of 8.25 percent notes closed Wednesday.
Patriot plans to use the proceeds for working capital. Among other things, that could include investing in expanded production of higher-priced metallurgical coal.
U.S. coal producers are trying to cash in on strong demand for metallurgical coal, particularly from Asian steel manufacturers.
St. Louis-based Patriot operates mines in West Virginia and Kentucky.
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