Massey greenshoe exercised, raising convertibles to $175 million

New York, April 7 - Massey Energy Co. said the underwriters of its recent offering of convertible senior notes due 2024 exercised the $25 million over-allotment option in full, raising the size of the deal to $175 million.

The Richmond, Va., coal miner originally priced $150 million of the securities after the close on April 1 to yield 2.25% with a 48% initial conversion premium.

UBS Investment Bank was bookrunner for the Rule 144A deal.

Massey Energy will use proceeds for general corporate purposes, possibly including $100 million for debt repayment and to buy out equipment lease obligations.

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