Arch Coal talks $350 million senior notes due 2019 to yield 10½%-10¾% at a discount

By Paul A. Harris

Portland, Ore., Nov. 13 - Arch Coal, Inc. talked its $350 million offering of senior notes due June 15, 2019 (existing ratings B3/B-) to yield 10½% to 10¾%, including an original issue discount of 4 to 5 points, a syndicate source said on Tuesday.

The books close 11:30 a.m. ET on Wednesday, and the deal is set to price thereafter.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets are the joint bookrunners for the quick-to-market deal.

The Rule 144A with registration rights notes come with four years of call protection.

The St. Louis-based coal producer plans to use the proceeds for general corporate purposes.

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