James River Coal plans stock offering
Mine operator James River Coal Co. is planning to sell stock to repay debt.
The Richmond-based company says in a Securities and Exchange Commission filing Tuesday it’s hoping to sell 1.5 million shares, with an over-allotment option to sell up to 225,000 additional shares, in a public offering.
Mine operator James River Coal Co. is planning to sell stock to repay debt.
The Richmond-based company says in a Securities and Exchange Commission filing Tuesday it’s hoping to sell 1.5 million shares, with an over-allotment option to sell up to 225,000 additional shares, in a public offering.
While the filing doesn’t list a share price or date, the company says it’s required to offer at least half the money to creditors to pay down its revolving credit line and a term loan.
SEC filings show James River owed nearly $16.6 million on the term loan as of June 30 and had approximately $18.1 million of credit available on the revolving line as of July.
The remaining proceeds would be used for capital expenditures and general purposes.
James River operates mines in Kentucky and Indiana.
