International Coal Group goes public

INTERNATIONAL Coal Group (ICG) and owner Wilbur Ross announced Tuesday he had priced the company’s initial public offering (IPO) of 21 million shares at $US11.00 a share, potentially raising more than $US230 million.
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International Coal Group chairman Wilbur L Ross rings The Opening Bell at the NYSE. (Courtesy NYSE.)

Donna Schmidt

The company plans to use the proceeds to reduce debt, according to an FT Interactive Data report. It increased the number of shares sold by 1 million over original estimates, but at a lower price than the anticipated $15 per share.

 

“We’re happy with today’s events, and look forward to helping management build a bigger business,” Ross told the financial news outlet. “We will be essentially debt-free, union free and legacy cost free.”

 

The company is now trading under the New York Stock Exchange (NYSE) ticker symbol ICO.

 

ICG, which now owns Anker Coal, Horizon Natural Resources and CoalQuest under the single corporate name of International Coal, is one of the leading Northern and Central Appalachian and Illinois Basin coal producers with 11 complexes.

 

In related news, ICG partner company ICG Knott County announced last month that it purchased the assets of Kentucky-based Greymont Mining for an undisclosed sum.

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