America’s Largest Underground Coal Miner Murrey Energy Bankruptcy Looms

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Helmholtz Watson
Participant

Peabody Energy Corporation extended the maturity dates on nearly $1 billion in debt and credit facilities. – WSJ

The energy company won’t have any funded debt maturing until December 2024.

The Wall Street Journal reported that Peabody Energy Corporation struck a deal with lenders to extend the maturity dates on nearly $1 billion in debt and credit facilities. The energy company won’t have any funded debt maturing until December 2024.

The company also announced it was free of a net leverage covenant in its revolving credit facility.

Peabody is represented in the CLO market with the $400 million Peabody Energy – Term Loan B (L+275; due early 2025).
Peabody was held by approximately 100 CLO vehicles, or 10% of all US CLO deals in Trepp’s CLO database in November.

Prior to February, the credit was heavily traded; towards the end of February the credit was heavily sold in the low-$80 range before experiencing a price drop in March. The price stayed in the $50 to $60 range through August, where a few ‘buy’ trades took place. Since then, the price dropped to its lowest point on record before reporting a steady climb. IHS Markit quoted the price this week in the low $40s.