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Peabody Energy gets additional noteholder support for plan agreements
By Caroline Salls
Pittsburgh, Jan. 9 – Peabody Energy Corp. said additional holders of 11.8% of the outstanding principal amount of its senior secured second-lien notes and roughly 8% of the outstanding principal amount of its senior unsecured notes became parties to the company’s plan of reorganization support agreement as of 3 p.m. ET on Friday.
According to a news release, these noteholders had been granted additional time to join the agreement as “phase-two” parties by order of the U.S. Bankruptcy Court for the Eastern District of Missouri.
Peabody said these additional eligible holders also joined the backstop commitment agreement related to a proposed $750 million common stock rights offering and the private placement agreement related to a proposed private placement of $750 million of mandatorily convertible preferred stock as phase-two parties.
When combined with the holdings of the other creditors that were parties to the agreements through Jan. 6, holders of 94.9% of the senior secured second-lien notes and 80.3% of the senior unsecured notes are parties to each of the agreements.
In addition, the company said holders of 40.7% of its outstanding first-lien debt and 32.3% of the outstanding principal amount of its convertible junior subordinated debentures are parties to the plan support agreement.
The deadline for eligible holders to sign joinders to the backstop commitment and private placement agreements was 5 p.m. ET on Jan. 5. Holders of claims may sign a joinder to the plan support agreement up until the time the plan of reorganization is confirmed.
Peabody, a St. Louis-based coal producer, filed bankruptcy on April 13, 2016. The Chapter 11 case number is 16-42529.
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