RELEASE: Peabody launches process to reduce pricing and extend maturity of term loan

ST. LOUIS /PRNewswire/ — Peabody (NYSE: BTU) announced today that it has launched a process to accommodate a repricing of the company’s Senior Secured Term Loan to provide additional financial and operational flexibility, extend the maturity profile and reduce its cash interest expense.

There can be no assurance that Peabody will be successful in amending the terms of its Senior Secured Term Loan, including repricing its term loan, and any amendments are subject to market and other customary conditions.

As part of this process, Peabody is reaffirming its prior operational and financial targets for full-year 2018. First quarter operating results are expected to be impacted by scheduled longwall moves at the Metropolitan and Wambo Mines as well as temporary weather effects and geological conditions in Australia.  Relative to full-year guidance, first quarter metallurgical coal costs are expected to be modestly above the annual range.  In addition, first quarter Australian export thermal volumes are expected to be approximately 2 million tons.  2018 results are still expected to come within prior targets for the full year.

In the first quarter, Peabody repurchased 4.4 million shares, bringing total repurchases under the $500 million authorized share buyback program to approximately $350 million since initiation.  Current shares outstanding now total 126.5 million. In addition, the company has now secured $346 million in third-party surety bonds in Australia, enabling the release of nearly all restricted cash by the end of the second quarter of 2018.

The company expects to announce its first quarter earnings and host a call on April 25, at which time it will provide a full report on results, industry updates and forward-looking targets.

Peabody (NYSE: BTU) is the leading global pure-play coal company, serving power and steel customers in more than 25 countries on six continents. The company offers significant scale, high-quality assets, and diversity in geography and products. Peabody is guided by seven core values: safety, customer focus, leadership, people, excellence, integrity and sustainability. For further information, visit PeabodyEnergy.com.

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