Press Release November 05, 2020

Goodwin Represents The Initial Purchasers And Dealers On Arch Resources Upsized $155.25 Million Convertible Senior Notes And Capped Call

The Capital Markets team advised the initial purchasers on Arch Resources, Inc.’s Rule 144A offering of 5.25% Convertible Senior Notes due 2025. The offering launched at $125 million, but was upsized to $155.25 million, plus the full exercise of the initial purchasers’ option to purchase additional notes. The initial conversion price of the notes feature a premium of 25% up from the reference price of approximately $29.86 per share. In connection with the offering, Arch Resources and certain investment bank dealers entered into capped call transactions, which mitigates equity dilution and/or offsets payments due upon conversion of the notes and effectively raises the conversion price of the notes to approximately $52.26 per share, a 75% premium over the reference price.

Arch Resources, Inc. (NYSE: ARCH) is a premier producer of high-quality metallurgical products for the global steel industry. Arch Resources operates large, modern and highly efficient mines that consistently set the industry standard for both mine safety and environmental stewardship.

Goodwin’s team consisted of Jim Barri, Audrey Leigh, John Servidio, Kim de Glossop, Benjamin Drai, Eryn Matthews and Matthew Rosencranz with assistance from Daniel Karelitz and Alexander Plaum.

For more information, please see the Arch Resources pricing press release for the offering.