Peabody gives results of offers to buy some 8˝% secured notes due 2024

By Rebecca Melvin

Concord, N.H., Nov. 23 – Peabody Energy Corp. announced the results of its Oct. 22 offer to purchase up to $15,842,000 in total accreted value of its 8˝% senior secured notes due 2024, according to a press release on Tuesday.

The company was offering to purchase the notes at 73.59, plus interest to the settlement date.

Peabody was also offering to make a debt repurchase under its Jan. 29, 2021 credit agreement with JPMorgan Chase Bank, NA as administrative agent.

As of the offer’s expiration at 5 p.m. ET on Nov. 22, $97.00 in aggregate accreted value of the 2024 notes had been validly tendered and not validly withdrawn, and no priority lien obligations under the letter-of-credit agreement had been validly tendered.

Holders of the tendered 2024 notes will receive $735.90 in cash plus accrued interest.

After the purchase of the tendered notes, there will be $102,926,000 of the notes outstanding.

Peabody was obligated to offer to purchase for cash an aggregate accreted value of up to the available repurchase amount of its outstanding 2024 notes. The offer was intended to satisfy this requirement.

The repurchase amount is equal to 25% of $63,371,000, which is the total aggregate principal and commitment amounts of priority lien debt repurchased by Peabody under open-market repurchases during the debt repurchase quarterly period. In addition, the $735.90 offer price 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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