ARCH RESOURCES, INC.

(ARCH)
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Delayed Nyse  -  04:00 2022-06-24 pm EDT
146.85 USD   +2.63%
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ARCH RESOURCES, INC. : Unregistered Sale of Equity Securities, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits (form 8-K)

05/23/2022 | 06:05am EDT

Item 3.02. Unregistered Sales of Equity Securities.

The information set forth under Item 8.01 is incorporated into this Item 3.02 by reference.

The Exchanges (as defined below) are being conducted as private placements, and any shares of common stock to be issued in the Exchanges will be issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), afforded by Section 4(a)(2) of the Securities Act in transactions not involving any public offering.

Item 7.01. Regulation FD Disclosure.

On May 19, 2022, Arch Resources, Inc. (the "Company") issued a press release relating to the Exchanges. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

The information under this Item 7.01, and the contents of Exhibit 99.1, are being furnished and will not be deemed to be "filed" purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor will the same be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation-by-reference language in such filing.



 Item 8.01. Other Events.




On May 18, 2022, the Company entered into separate, privately negotiated exchange agreements (the "Exchange Agreements") with a limited number of holders of its 5.25% Convertible Senior Notes due 2025 (the "Notes") to exchange (collectively, the "Exchanges") approximately $125.2 million principal amount of Notes for consideration consisting of an aggregate of approximately $130.1 million in cash and a number of shares of the Company's common stock to be determined over a four consecutive trading day period beginning on, and including, May 19, 2022. The Exchanges are expected to be consummated on or about May 25, 2022.

In the above-mentioned press release, the Company also announced its intention to enter into certain capped call early unwind agreements with counterparties to the Company's capped call transactions, which were entered into in connection with the issuance of the Notes, to terminate a portion of such capped call transactions in a notional amount corresponding to the amount of the Notes to be exchanged (the "Early Unwinds"). After further assessment, the Company decided not to proceed with the Early Unwinds.

The summary of the foregoing transactions is qualified in its entirety by reference to the text of the Form of Exchange Agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.




 (d) Exhibits



Exhibit
  No.                                    Description
  10.1       Form of Exchange Agreement

  99.1       Press release of Arch Resources, Inc., dated May 19, 2022

  104      Cover Page Interactive Data File (formatted as inline XBRL and contained
           in Exhibit 101)




Forward-Looking Statements



This Current Report on Form 8-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended-that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "should," "could," "appears," "estimates," "expects," "anticipates," "intends," "may," "plans," "predicts," "projects," "believes," "seeks," or "will." Actual results may vary significantly from those anticipated due to many factors, including: impacts of the COVID-19 pandemic; changes in coal prices, which may be caused by numerous factors beyond our control, including changes in the domestic and foreign supply of and demand for coal and the domestic and foreign demand for steel and electricity; volatile economic and market conditions; operating risks beyond our control, including risks related to mining conditions, mining, processing and plant equipment failures or maintenance problems, weather and natural disasters, the unavailability of raw materials, equipment or other critical supplies, mining accidents, and other inherent risks of coal mining that are beyond our control; loss of availability, reliability and cost-effectiveness of transportation facilities and fluctuations in transportation costs; inflationary pressures and availability and price of mining and other industrial supplies; the effects of foreign and domestic trade policies, actions or disputes on the level of trade among the countries and regions in which we operate, the competitiveness of our exports, or our ability to export; competition, both within our industry and with producers of competing energy sources, including the effects from any current or future legislation or regulations designed to support, promote or mandate renewable energy sources; alternative steel production technologies that may reduce demand for our coal; the loss of key personnel or the failure to attract additional qualified personnel and the availability of skilled employees and other workforce factors; our ability to secure new coal supply arrangements or to renew existing coal supply arrangements; the loss of, or significant reduction in, purchases by our largest customers; disruptions in the supply of coal from third parties; risks related to our international growth; our relationships with, and other conditions affecting, our customers and our ability to collect payments from our customers; the availability and cost of surety bonds, including potential collateral requirements; additional demands for credit support by third parties and decisions by banks, surety bond providers, or other counterparties to reduce or eliminate their exposure to the coal industry; inaccuracies in our estimates of our coal reserves; defects in title or the loss of a leasehold interest; losses as a result of certain marketing and asset optimization strategies; cyber-attacks or other security breaches that disrupt our operations, or that result in the unauthorized release of proprietary, confidential or personally identifiable information; our ability to acquire or develop coal reserves in an economically feasible manner; our ability to comply with the restrictions imposed by our term loan debt facility and other financing arrangements; our ability to service our outstanding indebtedness and raise funds necessary to repurchase Notes for cash following a fundamental change or to pay any cash amounts due upon conversion; existing and future legislation and regulations affecting both our coal mining operations and our customers' coal usage; governmental policies and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate matter or greenhouse gases; increased pressure from political and regulatory authorities, along with environmental and climate change activist groups, and lending and investment policies adopted by financial institutions and insurance companies to address concerns about the environmental impacts of coal combustion; increased attention to environmental, social or governance matters; our ability to obtain and renew various permits necessary for our mining operations; risks related to regulatory agencies ordering certain of our mines to be temporarily or permanently closed under certain circumstances; risks related to extensive environmental regulations that impose significant costs on our mining operations, and could result in litigation or material liabilities; the accuracy of our estimates of reclamation and other mine closure obligations; the existence of hazardous substances or other environmental contamination on property owned or used by us; risks related to tax legislation and our ability to use net operating losses and certain tax credits; and our ability to pay base or variable dividends in accordance with our announced capital return program. All forward-looking statements in this Current Report on Form 8-K, as well as all other written and oral forward-looking statements attributable to us or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements contained in this section and elsewhere in this Current Report on Form 8-K. These factors are not necessarily all of the important factors that could affect us. These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results to be materially different than those expressed in our forward-looking statements. These forward-looking statements speak only as of the date on which such statements were made, and we do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the federal securities laws.

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Financials (USD)
Sales 2022 3 935 M - -
Net income 2022 1 597 M - -
Net cash 2022 676 M - -
P/E ratio 2022 1,95x
Yield 2022 24,6%
Capitalization 2 659 M 2 659 M -
EV / Sales 2022 0,50x
EV / Sales 2023 0,64x
Nbr of Employees 3 303
Free-Float 63,0%
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Number of Analysts 5
Last Close Price 146,85 $
Average target price 204,80 $
Spread / Average Target 39,5%
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Managers and Directors
Paul A. Lang President, Chief Executive Officer & Director
Matthew C. Giljum Chief Financial Officer & Senior Vice President
John W. Eaves Executive Chairman
John T. Drexler Chief Operating Officer & Senior Vice President
John A. Ziegler Chief Administrative Officer & Senior VP