CHARLESTON, W.Va. — Massey Energy Co. on Tuesday announced a plan to buy back $500 million worth of its common shares and to conduct a capital restructuring program that will remove another 6.8 million shares from the company’s earnings calculations.
Massey also said it will refinance $220 million of 6.95 percent senior notes due in 2007; buy back $132 million in 4.75 percent convertible notes due in 2023; and offer to exchange its $175 million in outstanding 2.25 percent convertible senior notes due 2024.
Massey did not set a timetable for the refinancing or the share repurchase.
Richmond, Va.-based Massey, the country’s fourth largest coal producer, had been under pressure from two hedge funds to borrow $1.5 billion to buy back shares.
