Peabody to purchase all $18.2 million tendered 10% PIC notes

By Marisa Wong

Los Angeles, Aug. 30 – Peabody Energy Corp. announced the final results of the July 29 tender offer for up to $27,204,000 of the 10% senior secured notes due 2024 issued by subsidiaries PIC AU Holdings LLC and PIC AU Holdings Corp.

Holders had tendered $18,214,000 of the notes as of the expiration of the offer at 5 p.m. ET on Aug. 29, according to a press release late Monday.

Because the amount tendered did not exceed the offer cap, the co-issuers will purchase all of the tendered notes for purchase.

The notes will be purchased at 103.91 plus accrued interest. Payment will be made on Aug. 31.

Wilmington Trust, NA is the note trustee.

As previously noted, the $27,204,000 amount represents a portion of the total excess cash flow of the parent company and the subsidiaries for the six-month period ended June 30. The remainder of the excess cash flow is to be applied to a concurrent debt repurchase offer of priority lien debt under the company’s credit agreement dated Jan. 29, 2021 with Wilmington Trust as administrative agent.

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

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