National Coal to swap senior notes for shares

According to a filing with the Securities and Exchange Commission, National Coal agreed to exchange between $2 million and $10 million of its 10.5 percent senior secured notes due December 15, 2010, for shares of its common stock.

The exchange will be completed on or before June 3, and may occur in partial amounts on multiple dates, the company said.

National Coal shares slipped 19 cents, or 2.9 percent, to close at $6.41. Shares gained 33 cents, or 5.2 percent, to $6.74 in after-hours trading. In the past 12 months, the stock has traded between $2.20 and $7.74.