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Brean Murray, Carret & Co. Serves as Co-Manager in $172.5 Million Convertible Senior Notes Offering for James River Coal Co.
Friday, November 20, 2009
James River Coal Co. (NasdaqGS: JRCC), a Virginia-based producer of steam and industrial-grade coal, closed an offering of $172.5 million principal amount (including the over-allotment option) of 4.5% convertible senior notes due 2015 to qualified institutional buyers pursuant to Rule 144A. The Company expects to use approximately $58.5 million of the net proceeds in connection with the termination of its letter of credit facility, and the remainder for working capital and general corporate purposes, which may include acquiring or investing in businesses or other assets or repayment of outstanding debt. Brean Murray, Carret & Co. served as Co-Manager of the offering.
James River Coal Company mines, processes and sells, steam-and industrial-grade coal primarily to electric utility companies. The Company's mining operations are managed through five operating subsidiaries located throughout eastern Kentucky and one subsidiary in southern Indiana.
Brean Murray, Carret’s Investment Banking Group is dedicated to helping our clients achieve their strategic and financial goals. For over 35 years, the Firm has specialized in providing underwriting, financing, M&A advisory and independent financial advisory services. As demonstrated by our track record, Brean Murray, Carret’s industry knowledge, commitment and experience are critical to ensure a successful transaction.
For further details regarding this transaction or Brean Murray, Carret’s Investment Banking practice, please contact Derek Woodworth, Managing Director, at 212.702.6545
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