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Walter Industries begins offering 2.8 million shares
By Sue Chang
Last update: 4:39 p.m. EDT June 9, 2008
SAN FRANCISCO (MarketWatch) -- Walter Industries Inc. (WLT:
Walter Industries Inc

WLT 93.56, -1.76, -1.8%) has started offering 2.8 million of its common stock, the producer and exporter of metallurgical coal said late Monday. The company expects to grant to the underwriters an option to purchase up to an additional 420,000 shares within 30 days. Walter Industries intends to use the net proceeds from the offering to mostly repay outstanding debt. Morgan Stanley, Banc of America Securities LLC and SunTrust Robinson Humphrey are acting as joint book-running managers for the deal.
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