Arch Coal pricing $300 million five-year second-lien notes Thursday

By Paul A. Harris

Portland, Ore., Dec. 12 - Arch Coal, Inc. plans to price a $300 million offering of five-year senior second-lien notes on Thursday, according to a market source.

BofA Merrill Lynch is the left-lead bookrunner. PNC Capital Markets LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

RBS Securities Inc., BMO Securities, CIBC World Markets, Credit Agricole CIB and Santander are the senior co-managers.

Natixis, BBVA Securities Inc., ING, RBC Capital Markets LLC, BB&T Capital Markets, Fifth Third Securities Inc., Mizuho Securities USA Inc. and Regions are the co-managers.

The Rule 144A for life and Regulation S notes become callable in two years at par plus 50% of the coupon.

The St. Louis-based coal producer plans to use the proceeds, together with proceeds of a term loan B and cash on hand, to take out its outstanding 8¾% senior notes due 2016.

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