Peabody announces tender results for loan, 8½% notes due 2024

Chicago, March 15 – Peabody Energy Corp. announced the results of its cash offer for up to $38,607,000 in aggregate accreted value of its 8½% senior secured notes due 2024, according to a press release.

As of the expiration time, noteholders tendered $117,855 of the notes.

The offer ended at 5 p.m. ET on March 15, after extensions from 5 p.m. ET on March 4 and, before that, from 5 p.m. ET on Feb. 17.

Peabody was offering to purchase the notes at 94.94 of the accreted value plus interest to the settlement date.

Concurrently with the offer, Peabody made a debt repurchase offer under its credit agreement dated Jan. 29, 2021 with JPMorgan Chase Bank, NA as administrative agent.

As of March 15, $30 million in aggregate principal and commitment amounts of priority-lien obligations under the letter of credit agreement had been validly tendered and not validly withdrawn in the concurrent offer.

All of the tendered notes and priority lien obligations will be repurchased.

Payment for the notes will be made on March 17.

After the offer, $62.69 million of the 2024 notes will remain outstanding.

The outstanding 2024 notes will be redeemed on March 31, as noted by the company on March 1.

As previously reported, the available repurchase amount for the offer is equal to 25% of $154,431,000, which is the total aggregate principal and commitment amounts of priority-lien debt (as defined in the indenture) repurchased by Peabody pursuant to open-market repurchases during the debt repurchase quarterly period. In addition, the offer price of $949.40 represents the price per $1,000 accreted value of notes that is the weighted-average repurchase price for all priority-lien debt repurchased by Peabody during the debt repurchase quarterly period.

Wilmington Trust, NA is the trustee.

Peabody is a St. Louis-based private sector coal company.

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