Peabody Energy Stock Price, News & Analysis

Peabody (NYSE: BTU) has announced an offer to purchase up to $22.5 million in aggregate accreted value of its 8.500% Senior Secured Notes due 2024. The purchase price will be 80% of the accreted value, plus accrued interest. The offer expires at 5:00 p.m. ET on March 12, 2021, unless extended. If the total tendered exceeds the maximum amount, purchases will occur on a pro rata basis. This offer complies with the indenture requirements following Peabody's recent exchange offer that settled on January 29, 2021.

Peabody (NYSE: BTU) reported a challenging fourth quarter in 2020 with revenues of $737.2 million, resulting in a net loss of $129.2 million, or a diluted loss per share of $1.25. The company experienced significant impacts from COVID-19, including operational disruptions and reduced demand. However, cost management initiatives led to a reduction in selling, general, and administrative expenses by 31%. Despite these challenges, Peabody aims for improved market conditions in 2021, with plans to stabilize its capital structure and reduce operational costs further.

Peabody (NYSE: BTU) announced the completion of a significant debt exchange transaction on Jan. 29, 2021, tendering 86.86% of its senior secured notes due 2022. This action extends debt maturities to December 2024 and eliminates the net leverage ratio covenant. Key components include exchanging $398.7 million of notes and a new revolving credit facility. The agreement also reduces collateral risks significantly and includes a standstill agreement with surety providers, enhancing Peabody's financial flexibility.

Peabody (NYSE: BTU) announced the expiration of its Exchange Offer for 6.000% Senior Secured Notes due 2022, with approximately $398.69 million (86.86%) of the notes validly tendered. The offer included new 10.000% and 8.500% notes, with expected settlement on January 29, 2021. Each $1,000 of existing notes will convert into $1,010 in new notes and cash, including an early tender premium of $10.00. Peabody successfully obtained consents for amendments to the indenture, eliminating certain restrictive covenants and releasing collateral.

On February 4, 2021, Peabody (NYSE: BTU) is set to release its financial results for the quarter and year ending December 31, 2020. A management conference call will take place at 10 a.m. CST on the same day, accessible via multiple international phone lines. Peabody, a major coal producer operating in over 25 countries, emphasizes its role in providing essential energy products while maintaining a commitment to sustainability. Further details can be found on PeabodyEnergy.com.

Peabody (NYSE: BTU) reported that as of January 15, 2021, $397.5 million, or 86.6%, of its 6.000% Senior Secured Notes due 2022 had been tendered in its Exchange Offer. The Extended Early Tender Date has been moved to January 25, 2021. Each $1,000 of Existing Notes exchanged will yield $488.06 in New Co-Issuer Notes, $488.24 in New Peabody Notes, and a Pro Rata Payment of $23.70. Peabody waived the Minimum Tender Condition from 95% to 85%, enabling the Exchange Offer's continuation. Consent Solicitation for amendments to the Existing Indenture has been approved.

Peabody (NYSE: BTU) announced that as of January 8, 2021, approximately $391.2 million (85%) of its outstanding 6.000% Senior Secured Notes due 2022 were tendered for exchange in its offer. The Exchange Offer deadline has been extended to January 15, 2021. Eligible holders can receive new 10.000% and 8.500% Senior Secured Notes due December 31, 2024, as well as cash payments. The company has also received sufficient consents for amendments concerning the Existing Indenture, which will release its collateral and remove covenants, becoming effective post-Exchange Offer completion.

Peabody (NYSE: BTU) has amended its Transaction Support Agreement with creditors, affecting approximately 65% of its outstanding senior secured notes due in 2022. The updated agreement clarifies provisions without changing the terms of the existing exchange offer. Additionally, a Supplement No. 1 has been issued to amend the Offering Memorandum related to the exchange offer. Eligible holders can access the necessary documentation via the provided website or contact Global Bondholder Services. Peabody will file a Form 8-K with the SEC regarding these agreements.