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International Coal says holders may convert 4%, 9% notes through June
By Susanna Moon
Chicago, March 31 - International Coal Group, Inc. said that two of its note series are convertible from April 1 through June 30 because the company's closing price triggered the conversion condition in March.
Covered by the conversion trigger are the $115 million principal amount of 4% convertible senior notes due 2017 and the remaining $731,000 principal amount of 9% convertible senior notes due 2012.
The company's shares (NYSE: ICO) exceeded the conversion trigger price of $7.55 per share for the 4% convertibles and $7.93 per share for the 9% convertibles for 20 or more trading days during the 30 consecutive trading days ending on March 31.
The stock closed at $11.30 per share on March 31.
The trigger price is 130% of the conversion prices of about $5.81 per share for the 4% convertibles and about $6.10 per share for the 9% convertibles.
Any conversion of the principal amount of notes will be settled in cash and any excess conversion may be settled in cash or in common shares, at the company's option.
If holders elect to convert any notes, the company said it expects to fund the cash portion of the settlement using cash on hand.
The Bank of New York Mellon Trust Co., NA (312 827-8548 or fax 312 827-8542, attn: corporate trust administration) is the conversion agent.
International Coal is a Scott Depot, W.Va.-based producer of coal.
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