Alpha Natural Resources talks $500 million 5.5-year bullet notes with 10% area yield

By Paul A. Harris

Portland, Ore., Sept. 27 - Alpha Natural Resources, Inc. talked its $500 million offering of non-callable 5.5-year senior notes with a yield in the 10% area on Thursday.

Although the transaction was announced as Thursday business, soon after the market opened on Thursday, late in the session pricing was moved to Friday.

Citigroup Global Markets Inc. is the left bookrunner. Barclays, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and RBS Securities Inc. are the joint bookrunners.

The notes have been registered with the Securities and Exchange Commission.

The Bristol, Va.-based coal producer plans to use the proceeds to tender for a portion of its existing $659.1 million 3¼% convertible senior notes due 2015 and to add liquidity to its balance sheet.

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