This includes the $82 million principal amount of its 3.75% convertible notes due 2017, $108 million principal amount of its 9.75% senior notes due 2018, $220 million principal amount of its 6.00% senior notes due 2019, $68 million principal amount of its 4.875% convertible notes due 2020 and $115 million principal amount of its 6.25% senior notes due 2021, in separate privately negotiated transactions with investors.

Alpha funded the aggregate repurchase price of about $331 million for the unsecured notes through a combination of proceeds from the issuance of $214 million principal amount of 7.50% senior secured second lien notes due 2020 (series B) and $117 million of cash on hand.

The repurchase of the unsecured notes and issuance of new series B notes results in a reduction in Alpha's consolidated net indebtedness of about $379 million, and reduces Alpha's anticipated annual cash paid for interest by about $21 million.

As a result of the transactions, Alpha is revising its guidance for 2015 cash paid for interest from a range of $245-$255 million to a range of $230-$240 million.

Alpha executive vice president Philip J Cavatoni said: “The transactions announced today illustrate Alpha's continuing ability to take advantage of opportunities in the financial markets to proactively strengthen the company's balance sheet.

“We were able to achieve a meaningful deleveraging of our balance sheet while reducing cash interest payments. These steps increase our financial flexibility as we continue to manage through ongoing challenges in the domestic and international coal markets.”