Arch Coal Enters Into Stock Repurchase Deal With Monarch Alternative Capital

(RTTNews) - Arch Coal Inc. (ARCH) said it has entered into a stock repurchase agreement with certain investment funds managed by Monarch Alternative Capital LP.

Under the terms of the stock repurchase agreement, Arch Coal has agreed to repurchase from Monarch 500 thousand shares of Arch's common stock at a purchase price of $83.03 per share, representing aggregate consideration of approximately $41.5 million.

Arch intends to fund the repurchase with cash on hand. The share repurchase would be made pursuant to, and would count toward, Arch's existing share repurchase program of up to $500 million. The transaction is expected to close on or about December 14, 2017.

Arch Coal said it plans to continue its share repurchase program, subject to a number of factors including business and market conditions. The company will provide a progress update at its fourth quarter earnings conference call in early 2018.