Court approves $800m DIP financing for Peabody
TORONTO (miningweekly.com) – US metallurgical and thermal coal producer Peabody Energy has received final approval from the US Bankruptcy Court of the Eastern District of Missouri for its $800-million debtor-in-possession (DIP) financing facility, the company announced on Tuesday.
The approval provided Peabody with access to capital to ensure the company could continue operating its business during the Chapter 11 process, which it filed for in April.
The financing by a lender group that included the participation of a number of secured lenders and unsecured noteholders, included a $500-million term loan, a $200-million bonding accommodation facility, and a cash-collateralised $100-million letter of credit facility.
The court also granted final orders approving several other motions, including approval of the company's long-term incentive plan for non-insiders, and approval for the planned sale of the company's interest in the Prairie State Energy Campus.
The DIP approval marked another important step as the company moved through the Chapter 11 process, aiming to better position the company for the long-term.
No Australian entities are included in the filings and Australian operations were continuing as usual, the company advised.
Peabody had retained Jones Day as its legal adviser, Lazard as its investment banker and financial adviser, and FTI Consulting as its restructuring adviser.
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