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Peabody accepts for purchase $66,943 tendered 8˝% notes due 2024
By Marisa Wong
Los Angeles, Sept. 7 – Peabody Energy Corp. announced the final results of its offer to purchase up to $13.28 million in total accreted value of its 8˝% senior secured notes due 2024, according to a press release.
As of the 5 p.m. ET on Sept. 3 expiration time, $66,943 aggregate accreted value of notes had been tendered and will be accepted for purchase.
As announced on July 7, the notes will be purchased at 73.84 plus interest to the settlement date.
Payment will be made on Sept. 8.
The offer was originally set to expire Aug. 6. As of the original deadline, noteholders had tendered $66,692 of notes.
The available repurchase amount for the notes offer was equal to 25% of $53.127 million, which was the total aggregate principal and commitment amounts of priority-lien debt repurchased by Peabody under open-market repurchases during the debt repurchase quarterly period (Peabody’s second fiscal quarter ended June 30).
In addition, the offer price of $738.40 per $1,000 accreted value of notes represented the weighted-average repurchase price for all priority lien debt repurchased by Peabody during the debt repurchase quarterly period.
Following settlement of the offer, $156,276,000 aggregate accreted value of the notes will remain outstanding.
LoC offer
Concurrently, Peabody made a debt repurchase offer under its credit agreement dated Jan. 29, 2021 with JPMorgan Chase Bank, NA as administrative agent.
As of Sept. 3, no priority lien obligations under the letter-of-credit agreement had been tendered prior to the expiration of the offer.
Had the notes tendered and the amount repurchased from the loan exceeded the $13.28 million repurchase cap, the tendered notes might have been prorated. The loan repurchase would also have been prorated.
Wilmington Trust, NA is the trustee.
Peabody is a St. Louis-based private sector coal company.
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