Arch Coal announces stock repurchase agreement with Monarch Alternative Capital
Arch Coal announced that it has entered into a stock repurchase agreement with certain investment funds managed by Monarch Alternative Capital LP. Under the terms of the stock repurchase agreement, Arch has agreed to repurchase from Monarch 750,000 shares of Arch's common stock at a purchase price of $74.33 per share, representing aggregate consideration of approximately $55.7M. Arch intends to fund the repurchase with cash on hand. The share repurchase would be made pursuant to, and would count toward, Arch's existing share repurchase program of up to $300M. The transaction is expected to close on or about September 19, and is subject to customary closing conditions. Following the closing of the transaction, Monarch will own approximately 2.6M shares of Arch's common stock.