June 09--Mining company Foresight Energy has launched an initial public offering.
St. Louis-based Foresight, the largest coal producer in Illinois, said the 17.5 million common units in the IPO, representing a 13.5 percent limited partner interest in the company, are priced between $19 and $21. Excluding underwriting discounts, expenses and a structuring fee, Foresight said the net proceeds will total $323.3 million.
Foresight Energy intends to grant underwriters a 30-day option to purchase up to an additional 2.625 million common units for over allotments.
The company has applied to have its common units listed on the New York Stock Exchange under the symbol 'FELP.'
Barclays, Citigroup, Morgan Stanley, J.P. Morgan, Goldman, Sachs & Co. and Deutsche Bank Securities are joint book-running managers for the offering and Stifel, Credit Agricole CIB, PNC Capital Markets LLC and Huntington Investment Company are acting as co-managers, the company said.
Foresight has more than three billion tons of coal reserves supporting four mining complexes. The company reported $957.4 million in 2013 revenue.
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