Reuters: Hot Stocks: UPDATE 1-Coal miner Alpha launches public offering of notes

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Coal miner Alpha launches public offering of notes Sep 27th 2012, 14:01 Thu Sep 27, 2012 10:01am EDT * $500 million public offering of senior notes * To use proceeds for $350 mln convertible senior notes due 2015 * Stock rises 5 percent Sept 27 (Reuters) - Alpha Natural Resources Inc, which last week cut 1,200 jobs and closed eight mines to weather a coal price slump, announced on Thursday a public offering of $500 million senior notes. The news sent the company's stock up 5 percent to $6.92 in Thursday morning trading on the New York Stock Exchange. The Virginia-based miner announced a public offering of $500 million senior notes. It would use the proceeds to partially fund the purchase price of up to $350 million of 3.25 percent convertible senior notes due in 2015. In June, Alpha negotiated an amendment of its $1.6 billion secured credit facility to give it breathing room at a challenging time for the U.S. coal industry, in which prices have slumped over 20 percent this year due to weak demand. Last week, Alpha said it would cut about 1,200 jobs, or 9 percent of its workforce, by early 2013, and close eight mines in Virginia, West Virginia and Pennsylvania immediately. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions