Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 11:46 PM
|This Slide: #367 of 581|
Slide #367. Cloud Peak Energy Inc. — Preferred Stock Offering
Cloud Peak Energy Inc. (CLD)
Preferred Stock Offering Details:
Cloud Peak Energy Inc. (NYSE:CLD) ("CPE Inc.") announced that it has commenced a registered underwritten public offering of its Series A mandatory convertible preferred stock consisting of 100,000 shares with a liquidation preference of $1,000 per share. CPE Inc. intends to grant the underwriters a 30-day option to purchase up to 15,000 additional shares of mandatory convertible preferred stock to cover over-allotments, if any. CPE Inc. intends to use the net proceeds from the offering to fund a partial redemption of the outstanding 8.50% senior notes due 2019 issued in 2009 by Cloud Peak Energy Resources LLC and Cloud Peak Energy Finance Corp. If the underwriters exercise their option to purchase additional shares of mandatory convertible preferred stock to cover over-allotments, CPE Inc. intends to use any net proceeds remaining after funding the proposed redemption for general corporate purposes.
Cloud Peak Energy is a holding company. Through its subsidiaries, Co. is a producer of coal in the U.S. and the Powder River Basin. Co. owns and operates three surface coal mines: the Antelope Mine, the Cordero Rojo Mine and the Spring Creek Mine. Co.'s Antelope Mine and Cordero Rojo Mine are located in Wyoming and its Spring Creek Mine is located in Montana. Co.'s mines produce subbituminous thermal coal with low sulfur content, and Co. sells its coal primarily to domestic and foreign electric utilities. Co. has two development projects, the Youngs Creek project and the Big Metal project. As of Dec 31 2017, Co. controlled approximately 1,023,900,000 tons of proven and probable reserves.
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