International Coal to exchange stock for $15 million 9% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 7 - International Coal Group, Inc. will issue shares of its common stock in exchange for approximately $15 million principal amount of its 9% convertible senior notes due 2012 under a privately negotiated agreement reached Dec. 4, according to an 8-K filing with the Securities and Exchange Commission.

The number of shares to be issued will be determined based on the average of the daily volume-weighted average price of the company's common stock over a period of days that began Dec. 7.

The Scott Depot, W.Va., coal producer expects to issue the shares on or about Dec. 16.

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