Arch Coal Rakes In $435M As It Sends Utah Biz To Bowie

Law360, New York (June 28, 2013, 4:50 PM EDT) -- Debt-laden coal producer Arch Coal Inc. plans to pass off a trio of Utah mines to rival Bowie Resources LLC in exchange for $435 million as it looks to shore up its balance sheet and tackle projects with better returns prospects, the company said Friday.

The companies did not give a specific financing breakdown for the deal, saying only that Bowie had nailed down commitments from units of Morgan Stanley and Deutsche Bank AG to help cover its cash purchase. Galena Asset Management Ltd., the investment...
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