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Shares of Arch Resources (NYSE: ARCH) plunged Thursday morning, trading more than 18% lower as of 11:34 a.m. EDT after the mining company announced plans for a new debt offering.
Arch Resources plans to sell $125 million worth of convertible senior notes due in 2025. Further, it expects to grant the initial purchasers the option to buy up to an additional $18.75 million of these notes. The company intends to use some of the proceeds to help fund the development of its Leer South Mine.