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BUSINESS
Massey completes debt repurchase
CHARLESTON -- Coal producer Massey Energy has completed an offer to repurchase $335 million in debt.
The Richmond, Va.-based company said Wednesday that 93.5 percent of the debt, or more than $313 million, was tendered in response to the repurchase offer and has been accepted for payment. Massey says holders will receive $1,001.57 plus interest for each $1,000 in debt.
The debt repurchase is part of a broader financing plan. Massey sold $833 million worth of stock and debt in August. Besides repurchasing debt, Massey says the money may be used to pay $217 million owed in a lawsuit, among other things.
Massey, the nation's fourth-largest coal producer by revenue, has mines in West Virginia, Kentucky and Virginia.
