Arch Coal (ARCH) Opens at $70 After Emerging from Bankruptcy
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Arch Coal, Inc. (NYSE: ARCH) opened for trading at $70 after emerging from bankruptcy. Shares last traded at $68.81.
Arch is emerging with more than $300 million of cash on its balance sheet and a debt level of just $363 million, consisting of a new term loan and capital leases. The company's total debt is just 7% of what it was prior to restructuring. Cash requirements are expected to be modest, with projected capital spending of $55 million in 2017 and projected debt service of approximately $33 million. In addition, the company has third-party surety bonds in place covering 100% of its reclamation bonding requirements.
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