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Peabody Energy Offering Closed

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Peabody Energy announced the closing of its previously-announced private offering of $1.0 billion aggregate principal amount of senior secured notes, consisting of $500 million of 6.000% Senior Secured Notes due 2022 and $500 million of 6.375% Senior Secured Notes due 2025.

Net proceeds of the offering have been funded into an escrow account pending Peabody Energy’s emergence from Chapter 11 protection. If the Company’s Plan is confirmed and certain other conditions are satisfied on or before August 1, 2017, net proceeds from the offering will be released from escrow to fund a portion of the distributions to creditors provided for under the Plan, and Peabody Energy will become the obligor under the notes. Following the Company’s emergence from bankruptcy, the notes will be jointly and severally, and fully and unconditionally, guaranteed on a senior secured basis by substantially all of Peabody Energy ‘s current and future direct or indirect U.S. subsidiaries.

The notes will also be secured by a first priority lien on substantially all of Peabody Energy’s tangible and intangible assets.

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The post Peabody Energy Offering Closed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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