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James River Coal Company Commences Exchange Offer For Its 4.50% And 3.125% Convertible Senior Notes

Stocks in this article: JRCC

RICHMOND, Va., Aug. 13, 2013 (GLOBE NEWSWIRE) -- James River Coal Company (Nasdaq:JRCC) today announced that it has commenced exchange offers for its outstanding 4.50% and 3.125% convertible senior notes. The Company is offering to exchange (i) up to $31.739 million aggregate principal amount of its 10.00% Convertible Senior Notes due 2018 ("New Notes") for any and all of its outstanding 4.50% Convertible Senior Notes due 2015 ("Existing 2015 Notes") and (ii) up to $22.705 million aggregate principal amount of its New Notes for any and all of its outstanding 3.125% Convertible Senior Notes due 2018 ("Existing 2018 Notes"). Holders may tender all, some or none of their Existing 2015 Notes or Existing 2018 Notes.

In exchange for each $1,000 principal amount of Existing 2015 Notes that is validly tendered and accepted, holders of such tendered notes will receive $620.00 principal amount of our New Notes. In exchange for each $1,000 principal amount of Existing 2018 Notes that is validly tendered and accepted, holders of such tendered notes will receive $440.00 principal amount of our New Notes. The Company will also pay in cash accrued and unpaid interest on Existing 2015 Notes and Existing 2018 Notes accepted for exchange from the last applicable interest payment date to but excluding the settlement date.

The exchange offers will expire at 11:59 p.m., New York City time, on September 11, 2013. The Company may extend the expiration date and time of either or both the exchange offers, and such applicable date and time shall be referred to as the "Expiration Date". Holders may withdraw existing notes tendered in the applicable exchange offer at any time prior to the Expiration Date. Any notes withdrawn pursuant to the terms of these exchange offers shall not thereafter be considered tendered for any purpose unless and until such note is again tendered pursuant to the exchange offers. Existing notes not exchanged in the exchange offers will be returned to the tendering holder at our expense promptly after the expiration or termination of the exchange offers.

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