Patriot Coal To Offer 12 Million Common Shares
June 16, 2009 (FinancialWire) — Patriot Coal Corp. (NYSE: PCX) said it plans to offer around 12 million shares of its common stock in a registered public offering. Morgan Stanley & Co. (NYSE: MS), and UBS Investment Bank (NYSE: UBS) are the joint book-running managers.
The company plans to grant the managing underwriters a 30-day option to purchase up to an additional 1.8 million shares to cover any over-allotments.
Patriot Coal plans to use the net proceeds from the offering to repay the outstanding balance on its revolving credit facility and for general corporate purposes.
St. Louis-based Patriot Coal is a producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin.
The company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls around 1.8 billion tons of proven and probable coal reserves.
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