Peabody Prepares $2.75 Billion Debt Offering To Help Pay For Macarthur Coal
November 07 2011 - 9:39AM
Dow Jones News
Coal company Peabody Energy Corp. (BTU) announced Monday that it
plans to offer $2.75 billion of new senior unsecured debt, subject
to market conditions, to help fund its purchase of interests in
Australian coking-coal-mining company Macarthur Coal Ltd.
(MCC.AU).
The two-part offering, comprising seven- and 10-year debt, will
be marketed privately to qualified institutional buyers.
Peabody had used bridge financing to close on its controlling
stake in Macarthur Coal shares with ArcelorMittal through a joint
venture company, PEAMCoal Pty. Ltd.
St. Louis-based Peabody fuels 10% of U.S. power supply and 2% of
the electricity worldwide, according to its website.
It posted $2.04 billion of revenue in the third quarter, up 9%
over the prior-year period.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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