ST. LOUIS, March 15, 2021 /PRNewswire/ -- Peabody
(NYSE: BTU) today announced the expiration and final results of its
previously announced offer to purchase (the "Offer") for
cash up to $22.5 million (the
"Maximum Tender Amount") in aggregate accreted value of its
8.500% Senior Secured Notes due 2024 (the "2024 Notes") at a
purchase price equal to 80% of the accreted value of the 2024 Notes
to be repurchased, plus accrued and unpaid interest as set forth in
the indenture for the 2024 Notes, to, but excluding, the settlement
date, on the terms and subject to the conditions set forth in the
Offer to Purchase, dated February 10,
2021 (the "Offer to Purchase"). The Offer was made to
satisfy the requirements of the indenture for the 2024 Notes.
The Offer expired at 5:00 p.m.,
New York City time, on
March 12, 2021 (the "Expiration
Time"). As of the Expiration Time, according to the
information provided to Peabody by Wilmington Trust, National
Association, the depositary for the Offer (the
"Depositary"), $188.784
million in aggregate accreted value of the 2024 Notes had
been validly tendered and not validly withdrawn prior to the
Expiration Time. Because the aggregate accreted value for all 2024
Notes validly tendered and not validly withdrawn exceeds the
Maximum Tender Amount, such 2024 Notes were accepted by Peabody for
purchase on a pro rata basis, as described in the Offer to
Purchase, using a proration factor of approximately 11.9% (the
"Proration Factor") and payment for such accepted 2024 Notes
will be made on March 16, 2021. The
Depositary will promptly return all 2024 Notes tendered that are
not accepted for purchase.
Subject to the Maximum Tender Amount and the Proration Factor,
for each $1,000 accreted value of
2024 Notes validly tendered (and not validly withdrawn) prior to
the Expiration Time and accepted by Peabody, holders of 2024 Notes
will receive $800.00 in cash, plus
accrued and unpaid interest as set forth in the indenture for the
2024 Notes, to, but excluding, the settlement date. After
giving effect to the purchase of the tendered and accepted 2024
Notes, $172.642 million in aggregate
accreted value of the 2024 Notes will remain outstanding.
This announcement is not an offer to purchase or sell, or a
solicitation of an offer to purchase or sell any securities in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction.
Peabody (NYSE: BTU) is a leading coal producer, providing
essential products to fuel baseload electricity for emerging and
developed countries and create the steel needed to build
foundational infrastructure. Our commitment to sustainability
underpins our activities today and helps to shape our strategy for
the future. For further information, visit PeabodyEnergy.com.
Contact:
Julie Gates
314.342.4336
Forward-looking Statements
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 Peabody expects
will occur in the future are forward-looking statements. They may
also include estimates of sales targets, cost savings, capital
expenditures, other expense items, actions relating to strategic
initiatives, demand for the company's products, liquidity, capital
structure, market share, industry volume, other financial items,
descriptions of management's plans or objectives for future
operations and descriptions of assumptions underlying any of the
above. All forward-looking statements speak only as of the date
they are made and reflect Peabody's good faith beliefs, assumptions
and expectations, but they are not guarantees of future performance
or events. Furthermore, Peabody 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 Peabody's control,
including the ongoing impact of the COVID-19 pandemic and factors
that are described in Peabody's Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2020, and
other factors that Peabody may describe from time to time in other
filings with the SEC. You may get such filings for free at
Peabody's 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