No. of Recommendations: 0
Thanks for that insight brewer. Much appreciated. Looks like out of all the bonds available right now, the biggest coal player in size is Alpha Natural Resources. They have two bond issues with mid 7.7%+ yields. Short term redemptions.

Alpha does something like annual revs in the $7B neighborhood. They are also carrying allot more debt, relative to size.

2019 CUSIP = 02076XAB8
2021 CUSIP = 02076XAC6

One big plus for Patriot Coal, even standing the weak business risk profile and aggresive financial risk profile, is that thermal coal represents something like 3/4 of their sales volumes. This provides cash flow more longer term that historically has been more stable. And on top of this majority, nearly 80% of this is sold under long term contracts. I believe 75% of its 2012 output is already committed somewhere around $78 per ton.

But bottom line this could just be one big casino crap shoot. Whenever you chase high yield, when all is said and done, its a game of mind sweep. NO wammies, no wammies please.
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