International Coal exchanges stock for $24.5 million 9% convertibles

By Angela McDaniels

Tacoma, Wash., Jan. 12 - International Coal Group, Inc. issued, or plans to issue, approximately 6.9 million shares of its common stock in exchange for $24.5 million principal amount of its 9% convertible senior notes due 2012, according to an 8-K filing with the Securities and Exchange Commission.

The exchange is being made under a privately negotiated agreement reached with noteholders on Dec. 18.

As previously reported, the company agreed to issue stock in exchange for up to $30 million of the convertibles under the agreement.

The company entered into a second 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 convertibles. That exchange was expected to settle on Dec. 22.

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

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