International Coal to swap stock for up to $60 million 9% convertibles

By Susanna Moon

Chicago, Dec. 21 - International Coal Group, Inc. agreed to issue its common stock in exchange for up to $30 million principal amount of its 9% convertible senior notes due 2012, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into a privately negotiated agreement with noteholders on Dec. 18.

International Coal said it expects to issue the shares on Jan. 11.

The company also entered into another privately negotiated agreement on Dec. 18 to issue more than 8.5 million common shares in exchange for about $30 million principal amount of the notes.

The company expects to issue those shares on Dec. 22.

The investor agreed not to sell any of the shares until mid-January.

The issuer is a coal producer based in Scott Depot, W.Va.

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