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Thank you for your answer, Grampa.

I do have another question about them offering at $90.75. Is this what they're selling for? That is below market at this point.

I'm confused as to how this works. Someone please enlighten me.

Thank you in advance for your response.


Walter Industries prices offering at $90.75 apiece
Wednesday June 11, 8:43 am ET
Walter Industries prices offering of 2.8M shares at $90.75 apiece; proceeds to pay down debt

TAMPA, Fla. (AP) -- Coal producer Walter Industries Inc. said Wednesday it priced a previously registered offering of 2.8 million shares at $90.75 apiece.

The company expects to receive about $243.8 million from the offering, and will use the proceeds to pay down some of its debt.

Walter has granted its underwriters an option to buy up to an additional 420,000 shares.

Morgan Stanley, Banc of America Securities LLC and SunTrust Robinson Humphrey are joint book-running managers for the offering, while Raymond James, Morgan Keegan & Company, Inc., Avondale Partners, Brean Murray, Carret & Co. and Davenport & Company LLC are co-managers.
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