Key Developments: Arch Coal Inc (ACI)
5.31USD
24 May 2013
$-0.12 (-2.21%)
$5.43
$5.40
$5.49
$5.30
7,566,063
11,111,775
$8.86
$4.47
Latest Key Developments (Source: Significant Developments)
Arch Coal Inc Announces Quarterly Dividend
Arch Coal Inc announced that it has declared a quarterly cash dividend of $0.03 per share on the Company's common stock. The dividend is payable June 14, 2013 to shareholders of record on May 31, 2013. Full Article
Arch Coal Inc Announces Quarterly Dividend
Arch Coal Inc announced that it has declared a quarterly cash dividend of $0.03 per share on the Company's common stock. The dividend is payable March 15, 2013 to shareholders of record on March 1, 2013. Full Article
Arch Coal Inc Announces Pricing Of $375 Million Senior Notes Offering
Arch Coal Inc announced that the pricing of $375 million aggregate principal amount of its 9.875% senior notes due 2019 at an issue price of 95.934% of principal amount, resulting in a yield to maturity of 10.75%. Due to strong investor demand, the offering was upsized to $375 million from the previously announced $350 million. Arch will pay interest on the notes on June 15 and December 15 of each year, beginning on June 15, 2013. The notes will be guaranteed by Arch's subsidiaries that guarantee indebtedness under Arch's senior secured credit facility. Arch intends to use the net proceeds from the offering for general corporate purposes. Full Article
Arch Coal Inc Commences $350 Million Private Offering Of Senior Notes Due 2019
Arch Coal Inc announced that it has commenced a private offering of $350 million aggregate principal amount of senior notes due 2019. The senior notes will be guaranteed by Arch's subsidiaries that guarantee indebtedness under the company's existing senior secured credit facility. The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The offering is subject to market and other conditions. Arch intends to use the net proceeds from the offering of senior notes for general corporate purposes. Full Article
Arch Coal Inc Announces Quarterly Dividend
Arch Coal Inc announced that the Board of Directors declared a quarterly cash dividend of $0.03 per share on the Company's common stock. The dividend is payable December 14, 2012 to shareholders of record on November 30, 2012. Full Article
Patriot Coal Corp's Miners Sue Peabody Energy Corp, Arch Coal Inc-Reuters
Reuters reported that Peabody Energy Corp and Arch Coal Inc are being sued by mine workers who content that the companies have an obligation to pay pension and health care benefits that were transferred to Patriot Coal in a 2007 spinoff. Eight mine workers and their union, the United Mine Workers of America, are seeking class action status in a lawsuit filed on October 24, 2012 in federal court in West Virginia. The roughly 10,000 union members whose benefits were transferred in the spinoff are worried that Patriot, in Chapter 11 bankruptcy, will try to take advantage of laws allowing bankrupt companies to cut retiree health care and pensions. Some of the workers whose benefits were transferred retired before the spinoff and never actually worked for Patriot. A spokeswoman for Arch declined to comment on Wednesday. The lawsuit was filed in West Virginia, home to most of Patriot's operations. The union has said it wants Patriot's bankruptcy to play out in West Virginia where its members would have more of a voice. Full Article
Arch Coal, Inc. Announces Quarterly Dividend
Arch Coal, Inc. announced quarterly cash dividend of $0.03 per share on the company's common stock. The dividend is payable September 14, 2012 to shareholders of record on August 31, 2012. Full Article
Arch Coal, Inc. Cuts Tenth Of Workforce On Weak Market-Reuters
Reuters reported that Arch Coal, Inc. will cut about a tenth of its workforce, or 750 jobs, as it closes three higher-cost mining complexes and associated plants in response to the weak U.S. market for thermal coal. Apart from the three closures, Arch Coal, Inc. will also temporarily idle the H azard/Flint Ridge complex and cut production at other operations in Kentucky, Virginia and West Virginia. The mine locations affected by the closures are the East Kentucky, Eastern and Knott County complexes. Full Article
Arch Coal, Inc. Completes Term Loan
Arch Coal, Inc. announced that it closed on a new $1.4 billion term loan that was upsized from the previously announced $1 billion due to investor interest. Separately, Arch finalized its amended senior secured revolving credit facility, as previously planned, which modifies certain financial covenants to provide incremental flexibility over the next two years. Under the terms of the agreements, the upsized term loan will reduce the revolving credit facility to $600 million from $1.0 billion. Arch intends to use the proceeds from the term loan to repurchase or redeem the outstanding Arch Western Finance $450 million senior notes due 2013, repay borrowings under existing credit facilities, pay certain expenses associated with the transaction and for general corporate purposes. Upon completion of these efforts, Arch expects to have cash on hand in excess of $500 million. The term loan will carry an interest rate of LIBOR plus 4.5% initially, and can step down to LIBOR plus 4.25% after 12 months, subject to certain conditions. The interest rate on the amended credit facility will be based on a senior secured leverage ratio, and set initially at LIBOR plus 4 percent with a 75 basis point commitment fee. The term loan will be subject to a LIBOR floor of 1.25%, while there will be no LIBOR floor on the credit facility. Full Article
Law Firm of Klayman & Toskes Launches Investigation On Behalf Of Arch Coal Inc Shareholders
Law Firm of Klayman & Toskes announced that it is investigating claims on behalf of Arch Coal, Inc shareholders who sustained investment losses due to an over-concentration of Arch Coal stock. Trading above $70 per share in June of 2008, Arch Coal has declined about 90% and is now trading around $8 per share. As a result, investors who held concentrated stock positions in Arch Coal during this time period have sustained losses. Full Article
Arch Coal posts larger adjusted loss, shares fall
- Arch Coal Inc , the second-largest U.S. coal producer, reported a larger adjusted loss in the first quarter as prices and sales volumes fell, but the company said it is seeing signs of stockpiles easing.
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