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Patriot Coal Announces Pricing of Common Stock Offering

Posted on: Tuesday, 16 June 2009, 17:32 CDT

ST. LOUIS, June 16 /PRNewswire-FirstCall/ -- Patriot Coal Corporation (NYSE: PCX) announced today that it has priced a public offering of 12.0 million shares of its common stock in a registered public offering at $7.90 per share. Patriot also has granted the managing underwriters a 30-day option to purchase up to an additional 1.8 million shares to cover any over-allotments. The Company intends to use the net proceeds from this offering to repay the outstanding balance on its revolving credit facility and for general corporate purposes.

Morgan Stanley & Co., Incorporated and UBS Investment Bank are the joint book-running managers for this offering.

Copies of the prospectus and prospectus supplement may be obtained from the offices of Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014 (email address: prospectus@morganstanley.com); or UBS Investment Bank, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or country in which the offer, solicitation or sale of these securities would be unlawful prior to the registration or qualification under the securities laws of any state or country. The offering of these securities will be made only by means of the prospectus supplement and accompanying prospectus.

About Patriot Coal

Patriot Coal Corporation is the third largest producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves. The Company's common stock trades on the New York Stock Exchange under the symbol PCX.

Forward Looking Statements

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements made in this press release include that Patriot may sell shares of its common stock, the expected number of shares to be sold, the expected use of the net proceeds from the sale and that the managing underwriters may exercise its option to purchase additional shares from Patriot. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, whether Patriot can sell the shares of common stock as described, whether there is adequate demand to justify the exercise of the managing underwriters' option to purchase additional shares, as well as other risk factors detailed in the prospectus supplement and accompanying prospectus relating to this offering, which may be obtained in the manner set forth above. The Company undertakes no obligation (and expressly disclaims any such obligation) to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

SOURCE Patriot Coal Corporation

Source: PR Newswire

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