Patriot Coal: What You Need To Know
By Sammy Pollack:Shares of Patriot Coal Corporation (PCX) finished 35% lower Tuesday following a volatile day of trading.
PCX shares opened lower and then plunged after reports surfaced around noon suggesting that the company had fielded bankruptcy pitches from various advisors. The selling on this news took the stock down to $1.50. Later in the day, around 2PM, PCX reported that it had signed a commitment letter for a new revolving credit facility and new term loan facility for a total of $625 million from Citigroup Global Markets, Inc., Barclays Bank PLC and Natixis, New York Branch. This news sparked a major rally in PCX from $1.50 to over $2.50. Following the close, a report came out from the Wall Street Journal saying that PCX has been in discussions with Blackstone (BX) about refinancing deals. This news helped to stabilize shares in the after hours trading session.
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