RICHMOND, Va. (AP) ¿ James River Coal Co. said Friday it priced $150 million of convertible senior notes at an initial per-share conversion rate of about $25.78, which exceeds the stock's 52-week high. The 4.5 percent notes due 2015 will be convertible at an initial rate of 38.7913 shares per $1,000 principal amount of notes, or about a 30 percent premium over Thursday's $19.83 closing price. In the last 52 weeks, shares have ranged from $5.05 to $25.13. James River also granted the initial purchasers of the securities an option to buy another $22.5 million of the notes to cover over-allotments, if any. The company mines coal in eastern Kentucky and southern Indiana.
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