BROOKWOOD, Ala.--(BUSINESS WIRE)--
Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”) today
announced the pricing of its previously announced underwritten secondary
offering of 8,000,000 shares of its common stock by certain of its
existing stockholders (the “selling stockholders”). The Company has
agreed to repurchase from the underwriter 500,000 shares of common stock.
The selling stockholders will receive all of the net proceeds from the
offering. The Company is not offering any shares of common stock in the
offering and will not receive any proceeds from the sale of shares in
the offering. The underwriter intends to offer the shares from time to
time for sale in one or more transactions on the New York Stock
Exchange, in the over-the-counter market, through negotiated
transactions or otherwise at market prices prevailing at the time of
sale, at prices related to prevailing market prices or at negotiated
prices.
The Company’s per-share purchase price for the repurchased shares will
be the same as the per-share purchase price payable by the underwriter
to the selling stockholders. The Company expects to fund the stock
repurchase with cash on hand. The stock repurchase will be made pursuant
to, and would count toward, the Company’s recently announced stock
repurchase program. The closing of the stock repurchase is contingent on
the consummation of the offering. In addition, the closing of the
offering is conditioned on the satisfaction or waiver of various
conditions including, without limitation, the consummation of the stock
repurchase.
The offering and stock repurchase are expected to close on May 10, 2018,
subject to the satisfaction of customary closing conditions.
Credit Suisse Securities (USA) LLC is acting as the sole underwriter for
the offering. The offering is being made pursuant to an effective
automatic shelf registration statement on Form S-3 previously filed by
the Company with the Securities and Exchange Commission (the “SEC”). The
offering is being made only by means of a prospectus and related
prospectus supplement, copies of which may be obtained on the website of
the SEC, www.sec.gov,
or, when available, from Credit Suisse Securities (USA) LLC, Attn:
Prospectus Department, One Madison Avenue, New York, NY 10010,
Telephone: 1-800-221-1037, E-mail: [email protected].
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Warrior
Warrior is a large scale, low-cost U.S. based producer and exporter of
premium hard coking coal (“HCC”), operating highly efficient longwall
operations in its underground mines located in Alabama. The HCC that
Warrior produces from the Blue Creek coal seam contains very low sulfur
and has strong coking properties and is of a similar quality to coal
referred to as the premium HCC produced in Australia. The premium nature
of Warrior’s HCC makes it ideally suited as a base feed coal for steel
makers and results in price realizations near the Platts Premium Low
Volatility Free-On-Board Australia Index price. Warrior sells all of its
met coal production to steel producers in Europe, South America and
Asia. For more information about Warrior, please visit www.warriormetcoal.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the future
are forward-looking statements. The words “believe,” “expect,”
“anticipate,” “plan,” “intend,” “estimate,” “project,” “target,”
“foresee,” “should,” “would,” “could,” “potential,” or other similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the statements
are not forward-looking. These forward-looking statements represent
management’s good faith expectations, projections, guidance or beliefs
concerning future events, and it is possible that the results described
in this press release will not be achieved. Specifically, the Company
cannot assure you that the proposed transactions described above will be
consummated on the terms the Company currently contemplates, if at all.
Information concerning these and other factors can be found in the
Company’s filings with the SEC, including its Annual Report on Form 10-K
for the year ended December 31, 2017, Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 2018 and other reports filed from
time to time with the SEC. The Company’s filings with the SEC are
available on the SEC's website at www.sec.gov.
Any forward-looking statement speaks only as of the date on which it
is made, and, except as required by law, the Company does not undertake
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise. New
factors emerge from time to time, and it is not possible for the Company
to predict all such factors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508006519/en/
Warrior Met Coal, Inc.
For Investors:
Dale W. Boyles,
205-554-6129
[email protected]
or
For
Media:
William Stanhouse, 205-554-6131
[email protected]
Source: Warrior Met Coal, Inc.