Contura Energy has added six new underwriters to its upcoming IPO and made an additional 2 million st of priced Powder River Basin sales in the past three months, filings Wednesday with the US Securities and Exchange Commission showed.
Jefferies, Credit Suisse Securities, UBS Securities, Barclays Capital, BMO Capital Markets and Seaport Global Securities have joined Citigroup Global Markets as underwriters for the company's IPO, the amended prospectus shows. Citigroup was the lone underwriter when Contura filed its initial IPO prospectus May 8.
The updated filing also shed light on Contura's recent coal sales, which has included an increase in deals from its Belle Ayr and Eagle Butte PRB mines at lower prices. The filing shows as of July 7 the company had 31.3 million st of PRB sales committed and priced at an average of $11.03/st for 2017. A total of 15.8 million PRB tons have been contracted for the second half of the year at an average price of $11.17/st.
On April 21, the company had 29.3 million st committed for 2017 at an average of $11.34/st.
Since April, PRB priced sales for 2018 have increased by 2.4 million st to 18.3 million st at an average price of $10.81/st. Sales for 2019 are up 1.5 million st to 9.7 million st and 2020 sales are up 400,000 st to 4.9 million st.
The company did not give pricing for 2019 or 2020 contracts.
Contura reported committed thermal sales this year from the Cumberland mine in Northern Appalachia have slipped in the past few months to 7.8 million st at average price of $42.13/st. A total of 3.9 million PRB tons have been contracted for the second half of the year at an average price of $42.38/st.
On April 21, the company had 7.9 million st committed for 2017 at an average of $42.40/st.
Since April, NAPP priced sales for 2018 are up 1.6 million st to 5.7 million st at an average price of $42.53/st. Sales for 2019 are up 600,000 st to 3.1 million st and 2020 sales are down by 1 million st to 1 million st.
Contura said this year it expects to sell about 32.1 million st of PRB coal and 7.8 million st of NAPP coal.
