Peabody Energy Proposes $225 Million Convertible Notes Offering

MT Newswires Live05-28

Peabody Energy (BTU) said Thursday that it plans to offer $225 million of convertible senior notes due 2031 in a private offering to qualified institutional buyers.

The company said it will offer initial purchasers an option to buy up to an additional $25 million of the notes.

Peabody said the terms, including the interest rate and initial conversion rate, will be determined when the offering is priced.

The company said it intends to use net proceeds from the offering to fund capped call transactions and buy back a portion of its outstanding 3.250% convertible senior notes due 2028.

Shares of the company were up more than 4% in premarket activity Thursday.

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