Cloud Peak Energy (CLD) IPO Prices at $15, Below Expected Range
Down)Cloud Peak Energy Inc. (NYSE: CLD) priced its 30.6 million share IPO at $15, below the expected $16-$18 range. Shares will open this morning on the NYSE under the symbol "CLD."
The offering is being made through Credit Suisse, Morgan Stanley and RBC Capital Markets.
Cloud Peak Energy is the third largest producer of coal in the U.S. and in the Powder River Basin, or PRB, based on 2008 coal production. Cloud Peak Energy is being spun out from Rio Tinto (NYSE: RTP).
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