Peabody Energy borrows $300 million under revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 3 – Peabody Energy Corp. borrowed $300 million under its $565 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The drawdown was made to ensure the company maintains ample financial flexibility in light of the current uncertainty in the global markets caused by the Covid-19 outbreak.

Peabody said it does not currently expect to use the proceeds from these borrowings for any liquidity needs, but that it may use the proceeds in the future for general corporate purposes.

As of Dec. 31, no loans were outstanding under the revolving facility and there were $66.4 million of letters of credit issued and outstanding thereunder.

The revolver is scheduled to mature in September 2023.

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

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