19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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RICHMOND, Va. - Mine operator James River Coal has set the terms of a 1.5 million-share stock offering.
| JRCC | 5.98 |  0.89 |
James River says in a Securities and Exchange Commission filing Friday it's pricing the deal at $30 a share, an 11.7 percent premium to Thursday's $26.47 closing price. James River expects to net nearly $44 million after fees and expenses.
If underwriter UBS Investment Bank exercises a 225,000-share overallotment, James River would receive almost $50.6 million in total.
James River says it's required to offer at least half the proceeds to creditors to pay down its revolving credit line and a term loan.
James River operates mines in Kentucky and Indiana.
In morning trading, shares fell $1.42, or 5.4 percent, to $25.05.
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