Massey Energy to sell stock to fund acquisitions
- March 23, 2010
Massey Energy is planning to offer 8.5 million shares of common stock, subject to the market and other conditions, to fund part of its acquisition of Cumberland Resources Corp.
The Richmond-based coal company will give underwriters an option for 30 days to purchase an additional 1.275 million shares of stock to cover any overallotments.
The sale will help fund its $960 million stock and cash purchase of Cumberland Resources.
UBS Securities LLC is the sole-book-running manager of the offering. Stifel, Nicolaus & Company Inc.and PNC Capital Markets LLC are acting as joint-lead managers for the offering. FBR Capital Markets & Co. and Raymond James & Associates Inc. are co-managers