Wednesday, James River Coal Co. (JRCC) said it intends to offer $125 million aggregate principal amount of convertible senior notes due 2015 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 company noted that 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.
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., through its subsidiaries, engages in mining, processing, and selling bituminous, steam, and industrial-grade coal in eastern Kentucky and southern Indiana. It conducts mining operations in Bell County, Bledsoe, Blue Diamond, Leeco, McCoy Elkhorn, and Triad mining complexes.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.