ST. LOUIS, Sept. 24, 2013 /PRNewswire/ -- Peabody Energy (NYSE: BTU) today announced that it completed a new secured credit facility, including an expanded five-year $1.65 billion revolver due in 2018 and a seven-year $1.2 billion term loan due in 2020. The new credit facility replaces the company's $1.5 billion revolver and $1.2 billion term loans due in 2015 and 2016.
"Peabody elected to capitalize on attractive market conditions and refinance our existing credit facility to extend maturities and increase our liquidity and financial flexibility," said Peabody Energy Executive Vice President and Chief Financial Officer Michael C. Crews. "We continue to benefit from our diversified global portfolio and remain focused on operational excellence, cost containment, capital discipline and debt reduction."
The term loan has no financial covenants, and the new revolver covenants significantly increase financial flexibility by modifying the leverage and interest coverage calculations.
Peabody Energy is the world's largest private-sector coal company and a global leader in sustainable mining and clean coal solutions. The company serves metallurgical and thermal coal customers in more than 25 countries on six continents. For further information, go to PeabodyEnergy.com and CoalCanDoThat.com.
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SOURCE Peabody Energy