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ICG announces stock for debt deal; will issue shares Dec. 16


International Coal Group says it’s agreed to issue approximately $15 million worth of stock and trade it for convertible debt.

ICG says in a regulatory filing this week that the number of shares involved in the deal will be determined based on the average price of its stock over an undisclosed period and other factors. ICG says it expects to issue the shares about Dec. 16.

The filing says the transaction was negotiated privately and does not name any investors involved in the deal.

The convertible debt ICG is repurchasing pays 9 percent interest and matures in 2012.

ICG operates 13 mining complexes in Appalachia and Illinois.

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