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Peabody Energy Corporation (NYSE: BTU) is recognized as the leading global pure-play coal company, providing essential products for the generation of affordable, reliable energy and the production of steel. Serving customers in more than 25 countries across six continents, Peabody holds a significant position in the coal industry with a diverse portfolio of assets and geographical presence.
Peabody’s operations are divided into several segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S. Thermal, and Corporate and Other. Among these, the Powder River Basin segment generates the majority of the company's revenue. The company's core business involves the production of both metallurgical and thermal coal, as well as marketing and brokering coal and trading coal and freight-related contracts.
In recent achievements, Peabody reported a net income attributable to common stockholders of $119.9 million for the third quarter of 2023, with an Adjusted EBITDA of $270.0 million. The diversity of their portfolio has allowed the company to maintain consistent and predictable results. Significant progress has been made in strengthening their metallurgical platform, including redevelopment at North Goonyella and the acquisition of an adjacent coal deposit to enhance the mine life of this premier, tier-one premium hard coking coal mine.
Peabody is committed to sustainability, safety, and operational excellence, guided by its core values of safety, customer focus, leadership, people, excellence, integrity, and sustainability. The company has also shown a strong commitment to shareholder returns, having repurchased a significant portion of shares and paid dividends.
Key ongoing projects include the development of the North Goonyella project, expected to commence longwall production in 2026, and the acquisition of the Wards Well coal deposit, aiming to extend the mine life of their Centurion Mine. Additionally, the company is investing in new longwall equipment for their Shoal Creek and Metropolitan mines, with expected operational improvements in the upcoming years.
Recently, Peabody announced a new $320 million senior secured revolving credit facility intended to further enhance their financial resiliency. This comes as part of their strategy to reweight long-term production and revenue towards premium Australian metallurgical coal.
For further information, visit www.peabodyenergy.com.
Latest News: Peabody has recently reported their preliminary unaudited financial results for the first quarter of 2024, projecting revenue of $980 million and an Adjusted EBITDA of $160 million. Additionally, they completed the acquisition of the Wards Well coal deposit, significantly extending the mine life of their Centurion Mine Complex.
On April 28, 2022, Peabody (NYSE: BTU) will report its financial results for the quarter ending March 31, 2022. A conference call is scheduled for 10 a.m. CT on the same day, allowing participants to discuss the results with management. The call can be accessed via various phone numbers for U.S., Canada, Australia, and the UK, or through Peabody's Investor Relations for international participants. Peabody is recognized as a leading coal producer, emphasizing its commitment to sustainability in energy production.
Peabody (NYSE: BTU) announced the expiration of its cash offer to purchase up to $38.607 million in aggregate accreted value of its 8.500% Senior Secured Notes due 2024. The offer, which expired on March 15, 2022, resulted in valid tenders of $117,855 for the 2024 Notes and $30 million for Priority Lien Obligations. Since the total was within the Available Repurchase Amount, Peabody will proceed with purchases, maintaining approximately $62.69 million in accreted value of the 2024 Notes outstanding after the transaction.
Peabody subsidiaries, PIC AU Holdings LLC and PIC AU Holdings Corporation, announced the expiration of their offer to purchase up to $51.179 million of 10.000% Senior Secured Notes due 2024. As of the expiration time on March 14, 2022, only $263,000 of the notes had been tendered. Holders of validly tendered notes will receive $1,000 plus accrued interest per $1,000 principal amount. This repurchase complies with the indenture requirements, and post-purchase, approximately $193.62 million of notes will remain outstanding.
Peabody (NYSE: BTU) announced a $150 million unsecured credit facility with Goldman Sachs to address near-term liquidity linked to economic coal hedge positions. As of March 4, 2022, Peabody held coal derivative contracts for 2.3 million metric tons, primarily from its Wambo mine, securing an average price of $84 per metric ton. The company faced increased margin requirements of $534 million due to rising seaborne thermal coal prices, which surged to $419.50 per ton amid global supply issues exacerbated by geopolitical events. The facility matures on April 1, 2025, with a 10% interest rate.
Peabody (NYSE: BTU) has extended the expiration date for its offer to purchase up to $38.607 million in aggregate accreted value of its 8.500% Senior Secured Notes due 2024. The new expiration time is set for March 15, 2022, allowing validly tendered notes to be withdrawn before that date. To date, $95,323 aggregate principal amount of 2024 Notes and $30 million in Priority Lien Obligations have been tendered. The Offer remains unchanged except for the extension and is intended to comply with the Indenture's requirements.
Peabody has launched R3 Renewables LLC in partnership with Riverstone Credit Partners and Summit Partners Credit Advisors. This joint venture aims to develop over 3.3 GW of solar PV and 1.6 GW of battery storage capacity over the next five years, primarily on land near former coal mining operations in Indiana and Illinois. The collaboration combines expertise in renewable energy project development and capital markets. Industry veteran John Jones has been appointed CEO of R3 Renewables, which is positioned to create substantial renewable energy projects to support environmental goals and economic benefits for local communities.
Peabody (NYSE: BTU) has announced the pricing of a $275 million offering of 3.25% convertible senior notes due in 2028, up from a previously stated $250 million. The offering is set to close on March 1, 2022. The notes will have a conversion rate of 50.3816 shares per $1,000 principal amount, with a conversion price of $19.85 per share, representing a premium over the last price of $14.98. Proceeds, estimated at $265.8 million, will be used to redeem existing secured notes and cover associated fees. The notes are subject to various terms and conditions regarding redemption and conversion.
Peabody (NYSE: BTU) has announced a proposed offering of $250 million in convertible senior notes due 2028. The offering is aimed at qualified institutional buyers under Rule 144A of the Securities Act. There is an option for purchasers to acquire an additional $37.5 million in notes. The notes, which will mature on March 1, 2028, are senior, unsecured obligations and may be converted under specified conditions. Proceeds will be used primarily to redeem $62.618 million of existing senior secured notes due 2024, with remaining funds allocated to other debt redemptions and related expenses.
Peabody (NYSE: BTU) announced an extension to the expiration date of its cash purchase offer for up to $38.607 million in aggregate accreted value of its 8.500% Senior Secured Notes due 2024. The new expiration is set for March 4, 2022. As of February 16, 2022, a total of $65,222 in principal amount of the 2024 Notes had been tendered. Holders will receive $949.40 in cash per $1,000 accreted value of notes accepted. The company is also conducting a concurrent debt repurchase offer under the Credit Agreement.
Peabody announced an extension of the expiration date for its cash offer to purchase up to $38.607 million in aggregate accreted value of its 8.500% Senior Secured Notes due 2024. The offer price for holders is set at $949.40 per $1,000 accreted value of the notes. The expiration is now on February 17, 2022, aimed at aligning with a concurrent debt repurchase agreement. As of February 10, no notes or obligations have been tendered. The offer is made to fulfill debt repurchase requirements under the indenture.
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