Patriot Coal Corporation (NYSE: PCX - News) 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.
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