Arch Coal calls 5% convertible preferreds

By Angela McDaniels

Tacoma, Wash., Dec. 27 - Arch Coal, Inc. will redeem all outstanding shares of its 5% perpetual cumulative convertible preferred stock on Feb. 1, according to a company news release.

For each preferred, holders will receive $50, which equals 100% of the liquidation preference, plus accumulated dividends to the redemption date.

There were 84,881 of the preferreds outstanding as of Dec. 24.

The preferreds will remain convertible into 4.79701 shares of common stock each through 5 p.m. ET on Jan. 31. Arch Coal stock closed at $44.24 (NYSE: ACI) on Thursday.

The company produces coal and is based in St. Louis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.