Patriot Coal to issue stock to repay loan
Patriot Coal Corp. plans to sell 12 million shares of common stock to repay the balance on its revolving credit line, the company said this morning in a statement.
The company will also grant underwriters a 30-day option to purchase an additional 1.8 million shares if there’s enough demand. Patriot didn’t disclose when it would make the stock offering payday advance loans.
Shares of Creve Coeur-based Patriot fell 36 cents to $8.56 in mid-morning trading on the New York Stock Exchange.