ARCH - Arch Resources under pressure after prices upsized debt offering

Arch Resources (ARCH) has priced upsized offering of $135M (from $125MB) of 5.25% senior notes due 2025.Offering of the Notes is expected to close on November 3.The initial purchasers' over allotment option is additional $20.25M principal amount of notes.The Convertible Senior Notes are unsecured,, interest payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2021 at a rate of 5.25% per annum.Initial conversion rate is 26.7917 shares of Arch Resources's common stock per $1,000 principal amounts of notes (which is equivalent to an initial conversion price of ~$37.32/share representing a conversion premium of ~25% above the last close price of $29.86)~$15.3M of net proceeds will be used to fund the cost of entering into the capped call transactions and the remainder of the net proceeds from the offering for general corporate purposes, including to fund the development of Arch Resources' Leer South mine.Further, if the initial purchasers exercise their option

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Arch Resources under pressure after prices upsized debt offering