ST. LOUIS, Nov. 20, 2017 /PRNewswire/ -- Peabody (NYSE: BTU)
announced today that it successfully completed an amendment of its
Senior Secured Credit Agreement and closed on commitments for a
$270 million revolving credit
facility, which is expected to lead to the release of a comparable
amount of restricted cash over time.
"We are pleased to report yet another milestone in our
deliberate financial approach to generate cash, reduce debt, invest
wisely and return cash to shareholders," said Executive Vice
President and Chief Financial Officer Amy
Schwetz. "In just the past several months, we have
continued to generate healthy cash flows, repaid $300 million of debt, advanced several non-core
asset sales, repurchased more than $100
million of stock, and now have closed on a revolver that is
expected to free up approximately half of our restricted cash
balance and facilitate additional capital returns."
The company's revolving credit facility will bear interest at a
rate of LIBOR plus 3.25% and is subject to certain financial
covenants.
Goldman Sachs Bank USA served
as left lead joint lead arranger and bookrunner for the
$270 million bank syndicate revolving
credit facility. Additional joint lead arrangers and
bookrunners include BMO Capital Markets, Credit Suisse and JP
Morgan Chase Bank, N.A. Other lenders include Macquarie Bank
Limited, Regions Bank and Commerce Bank.
Peabody is the world's largest private-sector coal company.
The company is also a leading voice in advocating for
sustainable mining, energy access and clean coal
technologies. Peabody serves metallurgical and thermal coal
customers in more than 25 countries on five continents. For
further information, visit PeabodyEnergy.com.
Investor Contact:
Julie Gates
314.342.4336
This press release contains forward-looking statements within
the meaning of the securities laws. Forward-looking statements can
be identified by the fact that they do not relate strictly to
historical or current facts. They often include words or variation
of words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "projects," "forecasts,"
"targets," "would," "will," "should," "goal," "could" or "may" or
other similar expressions. Forward-looking statements provide
management's current expectations or predictions of future
conditions, events or results. All statements that address
operating performance, events or developments that we expect or
anticipate will occur in the future are forward-looking statements.
They may include estimates of revenues, income, earnings per share,
cost savings, capital expenditures, dividends, share repurchases,
liquidity, capital structure, market share, industry volume, or
other financial items, descriptions of management's plans or
objectives for future operations, or descriptions of assumptions
underlying any of the above. All forward-looking statements speak
only as of the date they are made and reflect the company's good
faith beliefs, assumptions and expectations, but they are not
guarantees of future performance or events. Furthermore, the
company disclaims any obligation to publicly update or revise any
forward-looking statement, except as required by law. By their
nature, forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. Factors
that might cause such differences include, but are not limited to,
a variety of economic, competitive and regulatory factors, many of
which are beyond the company's control, that are described in our
Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016, as amended on July 10, 2017 and Aug. 14,
2017, and in Exhibit 99.2 to the Company's Current Report on
Form 8-K filed with the SEC on April 11,
2017, as well as additional factors we may describe from
time to time in other filings with the SEC. You may get such
filings for free at our website at www.peabodyenergy.com. You
should understand that it is not possible to predict or identify
all such factors and, consequently, you should not consider any
such list to be a complete set of all potential risks or
uncertainties.
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SOURCE Peabody