Cloud Peak Energy Prepares for IPO
Rio Tinto announced that its wholly-owned
subsidiary, Cloud Peak Energy Inc., has
filed a new registration statement with the
U.S. Securities and Exchange Commission
(SEC) in connection with Cloud Peak
Energy’s proposed initial public offering
(IPO) of its common stock. Cloud Peak
Energy, comprised of most of Rio Tinto
Energy America’s western U.S. coal assets,
is a major producer of coal in the U.S. and
in the Powder River Basin, operating two of
the five largest coal mines in the region.
The joint book-running managers for the
offering are Credit Suisse Securities (USA),
Morgan Stanley and RBC Capital Markets.
In other news, Rio Tinto has received
clearance from the U.S. Federal Trade
Commission on the pending sale of its
Jacobs Ranch coal mine to Arch Coal, Inc.
The parties will move ahead to close the
transaction which is expected within the
next six weeks. On March 9, 2009, Rio Tinto
announced it had reached an agreement to
sell Jacobs Ranch to Arch Coal for a total
cash consideration of US$761 million.
As featured in Womp 2009 Vol 07 - www.womp-int.com