Patriot Coal Announces Pricing of Common Stock Offering
17 Juni 2009 - 12:32AM
PR Newswire (US)
ST. LOUIS, June 16 /PRNewswire-FirstCall/ -- Patriot Coal
Corporation (NYSE:PCX) announced today that it has priced a public
offering of 12.0 million shares of its common stock in a registered
public offering at $7.90 per share. Patriot also has granted the
managing underwriters a 30-day option to purchase up to an
additional 1.8 million shares to cover any over-allotments. The
Company intends to use the net proceeds from this offering to repay
the outstanding balance on its revolving credit facility and for
general corporate purposes. Morgan Stanley & Co., Incorporated
and UBS Investment Bank are the joint book-running managers for
this offering. Copies of the prospectus and prospectus supplement
may be obtained from the offices of Morgan Stanley & Co.
Incorporated, Attention: Prospectus Department, 180 Varick Street,
New York, NY 10014 (email address: ); or UBS Investment Bank, Attn:
Prospectus Department, 299 Park Avenue, New York, NY 10171. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or country in which
the offer, solicitation or sale of these securities would be
unlawful prior to the registration or qualification under the
securities laws of any state or country. The offering of these
securities will be made only by means of the prospectus supplement
and accompanying prospectus. About Patriot Coal Patriot Coal
Corporation is the third largest 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 approximately 1.8
billion tons of proven and probable coal reserves. The Company's
common stock trades on the New York Stock Exchange under the symbol
PCX. Forward Looking Statements Certain statements in this press
release are forward-looking as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements made in
this press release include that Patriot may sell shares of its
common stock, the expected number of shares to be sold, the
expected use of the net proceeds from the sale and that the
managing underwriters may exercise its option to purchase
additional shares from Patriot. These forward-looking statements
involve a number of risks and uncertainties including, but not
limited to, whether Patriot can sell the shares of common stock as
described, whether there is adequate demand to justify the exercise
of the managing underwriters' option to purchase additional shares,
as well as other risk factors detailed in the prospectus supplement
and accompanying prospectus relating to this offering, which may be
obtained in the manner set forth above. The Company undertakes no
obligation (and expressly disclaims any such obligation) to
publicly update or revise any forward looking statement, whether as
a result of new information, future events or otherwise.
DATASOURCE: Patriot Coal Corporation CONTACT: Janine Orf of Patriot
Coal Corporation, +1-314-275-3680 Web Site:
http://www.patriotcoal.com/
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