ABINGDON, VA, February 14, 2005 - Alpha Natural
Resources, Inc. announced today that it has priced its initial public offering
of 29,500,000 shares of common stock at $19.00 per share. The common stock will
begin trading tomorrow, February 15, on the New York Stock Exchange under the
symbol "ANR". The company will use all of the approximately $519 million in net
proceeds from the offering to repay indebtedness to certain of its existing
stockholders. The company has also granted the underwriters an over-allotment
option to purchase up to an additional 4,425,000 shares, the proceeds of which,
if the option is exercised, will be distributed as a dividend to its existing
stockholders.
Morgan Stanley & Co. Incorporated and Citigroup Global
Markets Inc. are serving as joint book-running managers for the offering, with
UBS Investment Bank acting as joint-lead manager and Bear, Stearns & Co.
Inc.; Lehman Brothers; ABN AMRO Rothschild LLC and Natexis Bleichroeder Inc.
acting as co-managers.
A copy of the prospectus relating to these
securities may be obtained from Morgan Stanley & Co. Incorporated ,
Prospectus Department, 1585 Broadway, New York, NY 10036 (tel: 1-800-364-5990)
or Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th
Floor, Brooklyn, New York 11220 (tel: 718-765-6732).
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 these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Based
in Abingdon, Va., Alpha Natural Resources is a leading Central Appalachian coal
producer. The company produces, processes and sells steam and metallurgical coal
from operations located throughout Virginia, West Virginia, Kentucky,
Pennsylvania and Colorado.