In April 2010, Ranger Energy acquired certain National Coal assets located in Devonia, Tenn., and in and on its New River Tract site for an aggregate sales price of $11.8 million. At about the same time, Ranger Investments, an affiliate of Ranger Energy Investments, acquired $30.3 million of the company’s $42 million senior secured notes due December 15, 2010.
The transaction is subject to National Coal shareholder approval and other customary closing conditions, and is expected to close prior to December 15, 2010. Upon closing, National Coal will become a wholly-owned subsidiary of Ranger Energy, and the company’s stock will cease trading.
Headquartered in Knoxville, Tenn., National Coal operates several steam coal mines and employs about 155 people. The proposed acquisition was approved by the board of directors of National Coal.