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International Coal moves pricing date for 9% convertibles tender offer
By Angela McDaniels
Tacoma, Wash., March 18 - International Coal Group, Inc. bumped up the pricing date of the tender offer for its $139.5 million of 9% convertible senior notes due 2012 to April 1 from April 5, according to a company news release.
For each $1,000 principal amount of notes, the purchase price will be the sum of 98.288 times the weighted average price of International Coal stock plus $745.10, subject to a minimum purchase price of $1,064.54 and a maximum purchase price of $1,359.40.
The weighted average price will be averaged from March 8, when the offer began, to the pricing date.
The company also clarified that the daily volume-weighted average price of its common stock is calculated by reference to all trades of the stock reported on Bloomberg Financial Services during the measurement period and not just trades of the stock on the New York Stock Exchange.
Holders will receive accrued interest in addition to the purchase price.
The offer will end at midnight ET on April 5.
The offer is conditioned on the company raising a minimum of $100 million through a concurrent offering of common stock and $75 million through a concurrent offering of convertible notes. The company said these conditions have been satisfied.
As previously reported, the company is also holding a tender offer and consent solicitation for its $175 million of 10¼% senior notes due 2014. That offer remains unchanged and will expire at midnight ET on April 2.
For both offers, UBS Investment Bank (888 719-4210 or call collect 203 719-4210) and Morgan Stanley (800 624-1808 or call collect 212 761-5384) are the dealer managers. The information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 431-9633).
International Coal is a Scott Depot, W.Va.-based coal producer.
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