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Alpha Natural extends consent solicitation for Foundation PA 7¼% notes
By Jennifer Chiou
New York, July 15 - Alpha Natural Resources, Inc. announced the delay of the deadline in its consent solicitation for Foundation PA Coal Co., LLC's 7¼% senior notes due 2014.
The consent solicitation now ends at 5 p.m. ET on July 16, pushed back from July 14.
On June 19, Alpha and Foundation Coal Holdings, Inc., the indirect parent of Foundation PA, announced that the Hart-Scott-Rodino waiting period ended in their proposed merger. Both companies will hold special meetings of their respective shareholders on July 31 for the purpose of approving the transaction.
In May, the companies agreed to combine in an all-stock transaction valued at $2 billion to form the third-largest coal producer in the United States. Foundation stockholders will receive 1.084 shares of the new company for each share of Foundation. Each Alpha share will automatically become one share of the combined company.
The purpose of the solicitation is to amend the note indenture to provide New Alpha with greater operating and financial flexibility after the merger.
Those who deliver consents will receive $7.50 for each $1,000 principal amount of notes.
The completion of the merger is not conditioned on the solicitation.
Citigroup Global Markets Inc. is the solicitation agent (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent and tabulation agent (866 387-1500 or call collect 212 430-3774).
Foundation is a Linthicum Heights, Md.-based coal producer. Alpha Natural Resources, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.
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