International Coal closes $225 million convertibles sale; greenshoe exercised

By Devika Patel

Knoxville, Tenn., Aug. 28 - International Coal Group, Inc. announced it has closed a $225 million private placement of 9% convertible senior notes due 2012. The deal includes an over-allotment option of $30 million.

The original deal priced after the close on July 25 with a 9% coupon and a 45% initial conversion premium. The deal was upsized from an original announcement of $180 million.

UBS Investment Bank was the bookrunner of the Rule 144A transaction.

The company used a portion of the net proceeds of the offering to repay debt. The remainder of the proceeds will be used for working capital and general corporate purposes.

International Coal is a Scott Depot, W. Va., producer of coal in Northern and Central Appalachia and the Illinois Basin.

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