International Coal to exchange stock for $15.9 million 9% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 9 - International Coal Group, Inc. will issue approximately 4.8 million shares of its common stock in exchange for approximately $15.9 million principal amount of its 9% convertible senior notes due 2012 under a privately negotiated agreement reached Dec. 8, according to an 8-K filing with the Securities and Exchange Commission.

The company expects to issue the shares on Dec. 10.

The investor receiving the shares has agreed not to sell any of them until mid-January.

As previously reported, the company reached an agreement on Dec. 4 to issue stock in exchange for approximately $15 million of the convertibles.

The number of shares to be issued under that agreement 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 issuer is a coal producer based in Scott Depot, W.Va.

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