Key Developments: Alpha Natural Resources Inc (ANR)
7.21USD
21 May 2013
$0.46 (+6.81%)
$6.75
$6.71
$7.23
$6.71
200
11,756,508
$11.81
$5.28
Latest Key Developments (Source: Significant Developments)
Alpha Natural Resources Inc Announces Pricing Of Convertible Senior Notes
Alpha Natural Resources Inc announced the pricing of its underwritten public offering of $300 million aggregate principal amount of 3.75% convertible senior notes due 2017. In addition, in connection with this offering, Alpha has granted the underwriters an over-allotment option to purchase up to an aggregate principal amount of $45 million of additional notes on the same terms and conditions. The offering is expected to close on May 13, 2013, subject to customary closing conditions. Alpha estimates the net proceeds from the issuance and the sale of the notes, after deducting underwriting discounts but before estimated offering expenses, will be approximately $335 million. Alpha intends to use the net proceeds, together with approximately $65 million of cash on hand assuming the over-allotment option is exercised in full, to fund purchases of approximately $181 million of the Company's 2.375% convertible notes due 2015 and $226 million of the 3.25% convertible notes due 2015 issued by Massey Energy Company, a wholly owned subsidiary of Alpha. Any net proceeds from this offering remaining, including if the purchases are not consummated, are intended to be used for general corporate purposes. Barclays, J.P. Morgan, BofA Merrill Lynch, Citigroup, Morgan Stanley, BMO Capital Markets and Deutsche Bank Securities are acting as joint book-running managers in connection with this offering. Full Article
Alpha Natural Resources Inc Announces Public Offering Of $300 Million Convertible Senior Notes
Alpha Natural Resources Inc announced that it intends to offer, subject to market and other conditions, $300 million aggregate principal amount of convertible senior notes due 2017 in an underwritten public offering. The notes will be convertible under certain circumstances and during certain periods into cash, Alpha's common stock or a combination thereof, at Alpha's election, and will be guaranteed on a senior unsecured basis by each of Alpha's current and future wholly-owned domestic subsidiaries that guarantee Alpha's obligations under Alpha's 9.75% senior notes due 2018. Alpha intends to grant the underwriters an over-allotment option to purchase up to an aggregate principal amount of $45 million of additional notes on the same terms and conditions. Subject to the successful completion of this offering, Alpha intends to use the net proceeds to fund purchases or repayments of a portion of its and its subsidiaries' outstanding indebtedness that matures earlier than the notes. Any net proceeds from this offering remaining, including if the purchases or repayments are not consummated, are intended to be used for general corporate purposes. Barclays, J.P. Morgan, BofA Merrill Lynch, Citigroup, Morgan Stanley, BMO Capital Markets and Deutsche Bank Securities are acting as joint book-running managers in connection with this offering. Full Article
Alpha Natural Resources Inc Announces Pricing Of Senior Notes
Alpha Natural Resources Inc announced the pricing of its underwritten public offering of $500 million aggregate principal amount of 9.75% senior notes due 2018 (the Notes). Alpha estimates the net proceeds from the issuance and sale of the Notes, after deducting underwriting discounts and estimated offering expenses, will be approximately $479.8 million. The offering is subject to market and other conditions. Alpha intends to use a portion of the net proceeds to fund the purchase price of up to $350 million of the 3.25% Convertible Senior Notes due 2015, pursuant to the previously announced cash tender offer and consent solicitation (the Tender Offer and Consent Solicitation). Any net proceeds from this offering remaining, including if the Tender Offer and Consent Solicitation is not consummated, are intended to be used for general corporate purposes. Citigroup, Barclays, J.P. Morgan, BofA Merrill Lynch and RBS are acting as joint book-running managers in connection with this offering. Full Article
Alpha Natural Resources Inc Cuts Jobs-Reuters
Reuters reported that Alpha Natural Resources Inc is cutting 1,200 jobs, roughly 9% of its workforce, as increased use of natural gas for power generation dents demand. Full Article
Alpha Natural Resources, Inc. Appoints Paul Vining As President
Alpha Natural Resources, Inc. announced the appointment of Paul Vining to the position of president, adding to his current role as chief commercial officer of the Company. Full Article
Alpha Natural Resources, Inc. Announces Retirement Of Michael J. Quillen As Chairman And Director
Alpha Natural Resources, Inc. announced that its chairman of the board, Michael J. Quillen, has chosen not to stand for re-election at the Company's 2012 annual meeting of stockholders scheduled on May 17, 2012 and will retire as chairman. Full Article
The Securities Arbitration Law Firm Of Klayman & Toskes Launches Investigation Against Alpha Natural Resources, Inc.
The Securities Arbitration Law Firm Of Klayman & Toskes announced that it is investigating potential claims on behalf of Alpha Natural Resources, Inc. shareholders who held concentrated positions in Alpha Natural Resources stock with full-service brokerage firms. For the year 2011, Alpha Natural Resources declined about 64% ending the year at $20.43 per share. It had traded as high as $68.05 per share in January 2011. As a result of this decline, Alpha Natural Resources shareholders who held concentrated stock positions in Alpha Natural Resources have sustained substantial losses. Unfortunately, many Alpha Natural Resources shareholders who held concentrated positions in Alpha Natural Resources stock were never advised by their full-service brokerage firms of the risks associated with owning a concentrated account. Investors who held concentrated stock positions on margin faced even greater risks. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered substantial investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against Wall Street brokerage firms. Full Article
Alpha Natural Resources, Inc. Reaches Agreement with United States Attorney's Office And United States Department of Justice; Resolves Civil Proceedings with Mine Safety and Health Administration
Alpha Natural Resources, Inc. announced that, it has entered into a Non-Prosecution Agreement with the United States Attorney's Office for the Southern District of West Virginia (USAO SDWV) and the United States Department of Justice (DOJ). Alpha has also reached a comprehensive settlement with the Mine Safety and Health Administration (MSHA). Alpha acquired Massey on June 1, 2011 , over a year after the UBB explosion. Since acquiring Massey, Alpha has cooperated fully with the USAO SDWV, the DOJ and MSHA, and has implemented extensive measures to improve health and safety at legacy Massey operations. Under the terms of the Non-Prosecution Agreement, Alpha has agreed to invest in additional measures designed to improve miner health and safety, including funding a trust that will be established to fund mine health and safety research; resolving MSHA's pending civil proceedings involving Massey before it was acquired by Alpha; and providing restitution to the families of the fallen miners and two individuals injured in the explosion. Full Article
Alpha Natural Resources, Inc. Completes Acquisition Of Massey Energy Company
Alpha Natural Resources, Inc. announced that it has completed its acquisition of Massey Energy Company. In accordance with the terms of the definitive merger agreement earlier announced, Massey stockholders receive 1.025 shares of common stock of Alpha and $10.00 in cash for each share of Massey common stock. Massey stockholders now own approximately 46% and stockholders of Alpha prior to the merger now own approximately 54% of Alpha on a fully diluted basis. Full Article
Alpha Natural Resources, Inc. Announces Completion Of Offering Of $1.5 Billion Of Senior Notes
Alpha Natural Resources, Inc. announced the completion of its underwritten public offering of $800 million aggregate principal amount of 6% senior notes due 2019 and $700 million aggregate principal amount of 6.25% senior notes due 2021. Alpha used a portion of the net proceeds from the Senior Notes offering to partially fund Alpha's acquisition of Massey, which was consummated concurrently with the Senior Notes offering. Alpha used the remainder of the net proceeds to fund the purchase of the Massey Senior Notes pursuant to the Tender Offer, redeem the remaining outstanding aggregate principal amount of the Massey Senior Notes and repay some of Alpha's and Massey's other outstanding indebtedness. Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. acted as joint book-running managers in connection with the offering of the Senior Notes. Morgan Stanley & Co. Incorporated also acted as dealer manager for the Tender Offer. Full Article
BRIEF-Alpha Natural Resources shares following ratings cut from Goldman
NEW YORK, May 7 - Alpha Natural Resources Inc : * Shares down 2.1 percent in premarket trade following ratings cut from goldman
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