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Alpha Natural wraps tender offer for Appalachia's 3.25% convertibles
By Jennifer Chiou
New York, Oct. 26 - Alpha Natural Resources, Inc. announced overall tenders for $122,511,000 principal amount, or about 18.6%, of the 3.25% convertible senior notes due 2015 issued by Alpha Appalachia Holdings, Inc.
The figure includes the previously reported $122,349,000 of tenders by 5 p.m. ET on Oct. 11, the early expiration date, for which the company paid $116 million, including accrued interest, on Oct. 12.
Holders tendered an additional $162,000 aggregate principal amount of notes after the early deadline. Alpha said it will pay $150,300 for those notes, including interest.
The offer ended at 11:59 p.m. ET on Oct. 25.
As reported, Alpha Natural and Alpha Appalachia (formerly Massey Energy Co.) began a cash tender offer on Sept. 27 for up to $350 million principal amount of the outstanding 3.25% convertibles.
The total purchase price was $940 per $1,000 principal amount of notes tendered by the early tender date, which included an early tender premium of $20.00 per $1,000 of notes.
Those who tendered after the early tender deadline will not receive the early tender premium.
The tender offer was conditioned on completion of an offering by Alpha of one or more series of its senior notes with enough proceeds to fund the offer.
Alpha Natural priced $500 million of 9¾% senior notes due April 15, 2018 at 98.959 to yield 10% on Sept. 28, as reported by Prospect News.
Citigroup Global Markets Inc. (800 831-9146) and Barclays (800 438-3242) were the dealer managers for the tender offer. D.F. King (800 967-4617) was the tender agent and information agent.
Alpha Natural Resources is a Bristol, Va.-based producer of coal.
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