Arch Coal Inc.'s $2 Billion Notes To Fund International Coal Acquisition Rated 'B+' (Recovery Rating: '5'), On Watch Dev Jun 11
- ID: 1824300
- June 2011
- Region: Global
- Standard & Poors
U.S. coal producer Arch Coal Inc. is issuing $2.0 billion senior unsecured notes, the proceeds of which it expects to use to partly finance its pending $3.4 billion acquisition of International Coal Group Inc. We have assigned a 'B+' issue-level rating and '5' recovery rating to the proposed $2.0 billion senior unsecured notes. These ratings are placed on CreditWatch with developing implications until the acquisition closes. The ratings on Arch Coal remain on CreditWatch with developing implications. The ratings on International Coal Group remain on CreditWatch with positive implications. We would likely affirm our corporate credit rating on Arch Coal at 'BB-' if the acquisition of International Coal is completed and financed as proposed. The rating outlook would be stable....
Companies mentioned in this report are: Arch Coal Inc.,Arch Western Resources LLC,Arch Western Finance LLC
Action: CreditWatch Update
Action: New Rating
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Research type: News
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Arch Coal Inc.,Arch Western Resources LLC,Arch Western Finance LLC