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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 1999
ANKER COAL GROUP, INC.
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(Exact Name Of Registrant As Specified in Its Charter)
Delaware 333-39643 52-1990183
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification No.)
2708 Cranberry Square 26508
Morgantown, West Virginia -----
------------------------- (Zip Code)
(Address Of Principal Executive Offices)
Registrant's telephone number, including area code: (304) 594-1616
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ANKER COAL GROUP, INC.
FORM 8-K
TABLE OF CONTENTS
ITEM 5. Other Events........................................................ 1
ITEM 7. Financial Statements and Exhibits................................... 1
Signature Page.............................................................. 2
Exhibit Index............................................................... 3
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ITEM 5. OTHER EVENTS
Anker Coal Group, Inc. issued the attached press release on November 3,
1999.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated November 3, 1999
1
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ANKER COAL GROUP, INC.
/s/ Bruce Sparks
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Bruce Sparks
President
Date: November 4, 1999
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FOR IMMEDIATE RELEASE
November 3, 1999
ANKER COAL ANNOUNCES PLANS TO OFFER
NEW SECURED NOTES EXCHANGE TO PUBLIC HOLDERS
OF 9.75% NOTES DUE 2007
Morgantown, WV -- Anker Coal Group, Inc. ("Anker") announced today that it
plans to conduct a public exchange offer of its 14.25% Series A Second Priority
Senior Secured Notes due 2007 (PIK through April 1, 2000) ("New Secured Notes")
for its outstanding 9.75% Senior Notes due 2007 ("Old Notes"). Currently,
approximately $16.5 million of Old Notes are outstanding. In the public
exchange offer, Anker plans to offer holders of Old Notes $743 principal amount
of New Secured Notes for each $1,000 principal amount of Old Notes held. The
public exchange offer will be conducted either as an exchange offer registered
under the Securities Act of 1933 or pursuant to the exemption from Securities
Act registration for exchanges with existing security holders. Anker intends to
offer the public exchange as soon as possible. However, because of regulatory
and other requirements, Anker cannot predict when the public exchange offer
will be made.
Anker recently completed a private exchange transaction in which Anker
exchanged with a limited number of qualified holders $86.8 million principal
amount of New Secured Notes for $108.5 million principal amount of Old Notes.
Participating holders waived their right to receive the October 1, 1999
interest payment on the Old Notes and consented to amendments to the indenture
for the Old Notes that, among other things, modified or eliminated various
covenants. Participating holders also received warrants to purchase an
aggregate of 20% of Anker's common stock at a nominal exercise price. As a
result of the private exchange transaction, approximately $16.5 million of Old
Notes remain outstanding.
The securities issued in the private exchange transaction described above
were not registered under the Securities Act of 1933 and may not be offered and
sold in the United States absent registration or an applicable exemption from
registration. The above is not and shall not be deemed to constitute an offer
to sell or the solicitation of an offer to buy any security. With respect to
the planned public exchange offer, if the public exchange offer is registered
under the Securities Act of 1933, the offer will be made only by means of a
prospectus to be filed with the Securities and Exchange Commission.
Anker Coal Group, Inc. and its subsidiaries produce and sell coal used
principally for electric generation and steel production in the eastern United
States.
This release contains statements that constitute forward looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties. Actual results may vary differ
materially from those described or implied herein as a result of various
factors, many of which are beyond Anker's control.
Contact Bruce Sparks, President, Anker Coal Group, Inc. at (304) 594-1616.
