Peabody announces results of tender offer for 10% secured notes

Chicago, July 21 – Peabody Energy Corp.’s subsidiaries, PIC AU Holdings LLC and PIC AU Holdings Corp., together with the parent, announced the results of the capped tender offer for the 10% senior secured notes due 2024 that was started on May 26, according to a press release.

The offer had been upsized and extended through 5 p.m. ET on July 21.

The co-issuers were offering to buy up to $90 million of the notes, upsized from $50 million.

Tenders were received by the deadline for $112,704,000 of the notes.

The offer will be prorated, but the co-issuers are accepting $93,872,000 principal amount of notes, more than the cap.

Peabody is paying 103.91 for the notes, plus interest to the settlement date.

As of the original deadline of the tender offer, $85.76 million of the notes had been tendered.

After the tender offer is completed, $99,749,000 of the notes will remain outstanding.

In connection with the upsize of the offer and in accordance with the terms of the credit agreement dated Jan. 29, 2021 with Wilmington Trust, NA as administrative agent, the co-issuers will offer to repurchase an additional total principal amount of term loans in the amount of the additional accepted notes beyond $50 million at a 103.91 purchase price.

Settlement is expected two business days after the new expiration date.

Wilmington Trust, NA is the trustee.

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

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