RICHMOND, Va. (AP) â¿¿ James River Coal Co. on Thursday priced offerings of about 6.7 million shares of common stock and $200 million in 3.125 percent senior notes due in 2018. The company intends to use the proceeds from the offerings to help cover the costs of its acquisition of International Resource Partners LP and to buy back 9.375 percent senior notes due next year. The stock offering is priced at $23.50 a share. James River granted the underwriters a 30-day option to buy up to an additional 997,500 shares to cover excess demand, if any. UBS Securities LLC and Deutsche Bank Securities Inc. are joint book-running managers for the stock offering. For the notes offering, James River has given underwriters the option to buy up to an additional $30 million in notes, which will pay interest semi-annually. The notes also will be convertible under certain conditions at a rate of 32.7332 shares of James River's common stock per $1,000 in notes. That represents an initial conversion price of about $30.55 a share of James River common stock, which is equal to a roughly 30 percent conversion premium over the price in the company's public stock offering. James River mines, processes and sells bituminous steam and industrial-grade coal primarily to electric utility companies and industrial customers. Shares rose 4 cents to $24.30 in afternoon trading.
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