James River Coal Co. (JRCC) announced the closing of its 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. This represents 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.
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, after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by James River.
James River intends to use about $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.
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