ST. LOUIS, Dec. 11, 2017 /PRNewswire/ -- Arch Coal,
Inc. (NYSE: ARCH) ("Arch") today announced that it has entered into
a stock repurchase agreement with certain investment funds managed
by Monarch Alternative Capital LP (collectively, "Monarch").
Under the terms of the stock repurchase agreement, Arch has
agreed to repurchase from Monarch 500,000 shares of Arch's common
stock at a purchase price of $83.03
per share, representing aggregate consideration of approximately
$41.5 million. Arch intends to fund
the repurchase with cash on hand. The share repurchase would be
made pursuant to, and would count toward, Arch's existing share
repurchase program of up to $500
million.
The transaction is expected to close on or about December 14, 2017, and is subject to customary
closing conditions.
Arch plans to continue its share repurchase program, subject to
a number of factors including business and market conditions, and
will provide a progress update at its fourth quarter earnings
conference call in early 2018.
U.S.-based Arch Coal, Inc. is a top coal producer for the global
steel and power generation industries. Arch operates a streamlined
portfolio of large-scale, low-cost mining complexes that produce
high-quality metallurgical coals in Appalachia and low-emitting
thermal coals in the Powder River Basin and other strategic supply
regions. For more information, visit www.archcoal.com.
Forward-Looking Statements: This press release contains
"forward-looking statements" – that is, statements related to
future, not past, events. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or "will."
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For us, particular
uncertainties arise from changes in the demand for our coal by the
domestic electric generation industry; from legislation and
regulations relating to the Clean Air Act and other environmental
initiatives; from operational, geological, permit, labor and
weather-related factors; from fluctuations in the amount of cash we
generate from operations; from future integration of acquired
businesses; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different than
those expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by law. For a description of some of the risks and
uncertainties that may affect our future results, you should see
the risk factors described from time to time in the reports we file
with the Securities and Exchange Commission.
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SOURCE Arch Coal, Inc.