International Coal Group Announces Pricing of Common Stock Offering

International Coal Group (NYSE:ICO) announced  pricing for a  registered underwritten offering of 12,268,700 and 22,577,800 shares of their common stock.

The press release is quoted as saying:

The underwriter will also have the option to purchase up to an additional 1,840,305 and 3,386,670 shares of common stock from such affiliates of WL Ross & Co. and Fairfax Financial Holdings Limited, respectively, within 30 days, solely to cover over-allotments, if any.  On December 13, 2010, the last sale price of the Company’s common stock as reported on the New York Stock Exchange was $8.16 per share.  Closing of the offering is expected to occur on or about December 17, 2010, subject to customary closing conditions.  Upon completion of this offering, affiliates of WL Ross & Co. and Fairfax Financial Holdings Limited will continue to own 12,268,723 and 22,577,788 shares of the Company’s common stock, respectively.  Messrs. Ross and Mitchell and Ms. Teramoto will continue to serve on the Board of Directors and Mr. Ross will continue in his role as non-executive Chair of the Board of Directors.  The Company will not receive any of the proceeds from the offering.  The total number of shares of the Company’s common stock outstanding will not change as a result of this offering.

To access the full press release, click here.