March 21, 2010 (FinancialWire) — International Coal Group, Inc. (NYSE: ICO) has closed underwritten public offerings of 22,371,365 shares of its common stock, par value $0.01 per share at a public offering price of $4.47 per share and $115.0 million aggregate principal amount of its 4.00% convertible senior notes due 2017, which includes the underwriters' full exercise of their over-allotment option to purchase $15.0 million aggregate principal amount of convertible notes from the company at the public offering price, less underwriting discounts and commissions.

UBS Securities (NYSE: UBS) and Morgan Stanley & Co. (NYSE: MS) served as joint bookrunning managers for each of the offerings.

The underwriters have the option to purchase up to an additional 3,355,704 shares of common stock from the company at the applicable public offering price, less underwriting discounts and commissions, within 30 days of the pricing of the common stock offering, solely to cover over-allotments, if any.

Interest on the convertible notes will be paid semiannually at a rate of 4.00% per year.

The company saw net proceeds from the sale of the common stock of around $93.75 million and net proceeds from the notes of around $110.30 million. It plans to use the net proceeds from the offerings, together with cash on hand, if necessary, to finance a cash tender offer to repurchase up to $139.5 million aggregate principal amount of its 9.00% convertible senior notes due 2012. Any excess proceeds from the offerings will be used for general corporate purposes.

West Virginia-based ICG is a producer of coal in Northern and Central Appalachia and the Illinois Basin. The company has 13 active mining complexes, of which 12 are located in Northern and Central Appalachia and one in Central Illinois.

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