Arch Coal (Arch) will repurchase from Monarch Alternative Capital (Monarch) 500,000 shares of Arch's common stock at a purchase price of $83.03 per share, representing aggregate consideration of approximately $41.5 million, following a stock repurchase agreement with certain investment funds managed by Monarch. The transaction is expected to close on or about December 14, 2017, and is subject to customary closing conditions.
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.
In addition, Arch plans to continue its share repurchase program, subject to factors such as business and market conditions, and will provide a progress update at its fourth quarter earnings conference call in early 2018.
