Peabody amends $2.85B credit facility

NEW York-listed Peabody Energy has amended its existing secured credit facility to enhance financial flexibility by modifying the leverage and interest coverage covenants for the life of the facility.

Anthony Barich

Pricing, size and maturity date of the facility remain unchanged.

The amendment modifies certain terms and conditions and provides additional security to the credit facility, which consists of a $US1.65 billion ($A2.12 billion) revolver due in 2018 and a $1.2 billion term loan due in 2020.

In announcing the amended credit facility, Peabody said it remained focused on reducing costs, maintaining tight capital discipline and completing non-core asset sales.

Cottage Grove safety award

Peabody’s Cottage Grove mine in Southern Illinois, meanwhile, has just earned both the Chairman’s Award and the President’s Award for achieving the company’s safest US performance for surface operations in 2014.

As a three-time winner of the President's Award, Cottage Grove achieved the best safety performance for Peabody Energy surface mines in 2012, 2013 and 2014.

Employees have operated free of a reportable incident since July 2011. Cottage Grove employees worked more than 437,500 hours in 2014. Cottage Grove is located in Saline County, Illinois and has a workforce of about 200.

“Cottage Grove shows an excellent example of a long-term commitment to excellence in safety," Peabody Energy Americas president Kemal Williamson said.

“Our goal is for all workers to go home safely each day, and Cottage Grove employees have consistently met that benchmark for 41 months.”

Globally, Peabody achieved a 1.44 safety incidence rate per 200,000 hours worked, driving the best safety performance in the company's 132-year history.

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