Alpha Natural Resources Announces Pricing of Concurrent Offerings of Common Stock...

Alpha Natural Resources Announces Pricing of Concurrent Offerings of Common
Stock and Convertible Notes

ABINGDON, Va., April 1, 2008 /PRNewswire-FirstCall/ -- Alpha Natural
Resources, Inc. (NYSE: ANR) today announced the pricing of its underwritten
public offering of common stock. Alpha has agreed to sell 3,636,363 shares of
its common stock at a public offering price of $41.25 per share and has
granted the underwriters an option to purchase up to an additional 545,454
shares of common stock on the same terms and conditions to cover
over-allotments, if any.
Alpha also announced the pricing of its underwritten public offering of
$250 million aggregate principal amount of 2.375% convertible senior notes due
2015. Alpha has granted the underwriters an option to purchase up to an
additional $37.5 million aggregate principal amount of the convertible notes
on the same terms and conditions to cover over-allotments, if any.
The convertible notes will pay interest semi-annually at a rate of 2.375%
per annum. The convertible notes are convertible in certain circumstances and
in specified periods at an initial conversion rate of 18.2962 shares of common
stock per $1,000 principal amount of convertible notes (representing an
initial conversion price of approximately $54.66 per share of common stock),
subject to adjustment upon the occurrence of certain events. The initial
conversion price represents a conversion premium of approximately 32.5% over a
price of $41.25 per share. Upon conversion, holders will receive cash up to
the principal amount of the notes to be converted, and any excess conversion
value will be delivered in cash, shares of common stock or a combination
thereof, at Alpha's election.
The common stock offering and the convertible notes offering are being
conducted as separate public offerings and are not contingent upon each other.
UBS Investment Bank and Citigroup Global Markets Inc. are joint
book-running managers of both offerings. Wachovia Securities and Wedbush
Morgan Securities Inc. are acting as senior co-managers for the offerings.
BB&T Capital Markets, BMO Capital Markets, Daiwa Securities America Inc.,
National City Capital Markets, PNC Capital Markets LLC and Societe Generale
are acting as co-managers for the offerings.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Any offer of the securities will be made only by means of a
prospectus, forming a part of the effective registration statement, the
applicable prospectus supplement and other related documents. Copies of these
documents can be obtained from UBS Investment Bank, Prospectus Department, 299
Park Avenue, New York, NY 10171 Attn: Prospectus Department, at (888) 827-7275
(toll-free), extension x 3884 or from Citigroup Global Markets Inc., Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, (718) 765-6732.
About Alpha Natural Resources
Alpha Natural Resources is a leading supplier of high-quality Appalachian
coal to electric utilities, steel producers and heavy industry. Approximately
89 percent of the company's reserve base is high Btu coal and 82 percent is
low sulfur, qualities that are in high demand among electric utilities which
use steam coal. Alpha is also the nation's largest supplier and exporter of
metallurgical coal, a key ingredient in steel manufacturing. Alpha and its
subsidiaries currently operate mining complexes in four states, consisting of
58 mines supplying 11 coal preparation and blending plants. The company and
its subsidiaries employ more than 3,600 people.
ANRG
SOURCE Alpha Natural Resources, Inc.

Ted Pile, +1-276-623-2920, for Alpha Natural Resources, Inc.