Key Developments For James River Coal Company
James River Coal Company (JRCC.O) (Nasdaq)
James River Coal Co. Closes $172.50 Million Convertible Senior Notes Offering
James River Coal Co. announced the closing of its previously disclosed offering of $150 million principal amount of 4.50% convertible senior notes due 2015, and an additional $22.50 million principal amount of Notes in connection with the exercise by the initial purchasers of their over allotment option on November 17, 2009. Interest on the Notes will be paid semiannually at a rate of 4.50% per year. The Notes will be convertible under certain circumstances and during certain periods at an initial conversion rate of 38.7913 shares of James River's common stock per $1,000 principal amount of Notes. Net proceeds from the sale of the Notes, including proceeds from the exercise in full by the initial purchasers of their over-allotment option, are approximately $166.8 million. James River intends to use approximately $58.5 million of the net proceeds in connection with the termination of its letter of credit facility, and the remainder for working capital and general corporate purposes, which may include acquiring or investing in businesses or other assets or repayment of outstanding debt.
James River Coal Co. Announces Pricing of Convertible Senior Notes
James River Coal Co. announced that it has priced an offering of $150 million principal amount of 4.5% convertible senior notes due 2015 (the Notes). The Notes will be convertible under certain circumstances and during certain periods at an initial conversion rate of 38.7913 shares of James River's common stock per $1,000 principal amount of Notes, representing an initial conversion price of approximately $25.78 per share of James River common stock, which is equal to an approximately 30% conversion premium over the $19.83 closing price of James River's common stock on the NASDAQ Global Select Market on November 12, 2009. James River also granted the initial purchasers of the Notes an option to purchase up to an additional $22.50 million aggregate principal amount of the Notes solely to cover over-allotments, if any. Net proceeds from the sale of the Notes will be approximately $145.0 million (or approximately $166.8 million if the over-allotment option is exercised in full), after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by James River. James River expects the offering to close on November 20, 2009. James River intends to use approximately $57.3 million of the net proceeds in connection with the termination of its letter of credit facility, and the remaining for working capital and general corporate purposes, which may include acquiring or investing in business or other assets or repayment of outstanding debt.
James River Coal Co. To Offer $125 Million Convertible Senior Notes
James River Coal Co. announced that it intends to offer $125 million aggregate principal amount of convertible senior notes due 2015 (the Notes) to qualified institutional buyers. James River also intends to grant to the initial purchasers of the Notes an option to purchase up to an additional $18.75 million aggregate principal amount of the Notes solely to cover over-allotments, if any. The Notes will be general unsecured senior obligations of James River, will pay interest semi-annually, and will be convertible during certain periods and under certain circumstances. Upon conversion, holders of the Notes will receive, at the election of James River, cash, shares of James River's common stock or a combination of cash and shares of James River's common stock. The interest rate, conversion rate and other terms are to be determined by negotiations between James River and the initial purchasers. James River intends to use approximately $57.3 million of the net proceeds in connection with the termination of our letter of credit facility, and the remaining for working capital and general corporate purposes, which may include acquiring or investing in business or other assets or repayment of outstanding debt.
James River Coal Co. Lowers FY 2009 Guidance
James River Coal Co. lowered its fiscal 2009 guidance and expects EPS of $2.25 to $2.60, compare to previous range of $3.30 to $3.80 and adjusted EBITDA of $140 to 150 million, compare to previous range of $190 to $200 million. According to Reuters Estimates, analysts are expecting the Company to report GAAP EPS of $3.14 and EBITDA of $180 million for fiscal 2009.
James River Coal Co. Issues FY 2009 Earnings Guidance Below Analysts' Estimates
James River Coal Co. announced that for fiscal 2009 it expects EPS of $3.30 to $3.80 per share and adjusted EBITDA of $190 to $200 million. According to Reuters Estimates, analysts are expecting the Company to report EPS of $3.89 and EBITDA of $231 million for fiscal 2009.
