Fundz

Peabody Announces Financing Arrangement

PUBLIC · BTUMar 07, 2022

Round Type

Funding Round

St. LouisManufacturingEnergyOil And GasRenewable EnergyCryptocurrencyMiningMineral

Description

Peabody (NYSE: BTU) today announced that it has entered into a financing arrangement with Goldman Sachs providing for a $150 million unsecured multiple draw credit facility. The new arrangement will support the company's potential near-term liquidity requirements related to the company's previously disclosed economic coal hedge positions.

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Company Information

Company

Peabody

Location

1245 J.j. Kelley Memorial Drive

St. Louis, Missouri, United States

About

At March 4, 2022, the company held coal derivative contracts in aggregate of 2.3 million metric tons.   As market values of the derivatives used as part of Peabody's hedging program fluctuate, the company generally posts or receives variation margin with its clearing broker. As a result, the company has posted an additional $534 million to satisfy the margin requirements for its derivative contracts since December 31, 2021. The new credit facility, along with available cash, will support the company's near-term liquidity requirements in the event of additional increases in the underlying market coal price. Under the company's derivative contracts, cash collateral is returned to the company upon reductions in the underlying market coal price or as the company delivers seaborne thermal coal into the market at spot prices. Additionally, the company anticipates it will generate significant operating cash flows from unpriced volumes based on its current operating plans, if the current market dynamics persist. Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel.

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