GILLETTE, Wyo. — Peabody, PIC AU Holdings LLC and PIC AU Holdings Corporation announced that about two-thirds of their 10.000% senior secured notes due 2024 offer had been tendered as of the 5 p.m. deadline today.
That was $53.5 million in aggregate principal amount of their previously announced offer to purchase for cash up to $81.6 million at a purchase price equal to 105.91% of the principal amount of the Notes, plus accrued and unpaid interest. The offer was announced Sept. 19 and amended Oct. 27.
For each $1,000 principal amount of Notes validly tendered, holders of Notes will receive $1,059.10 in cash plus accrued and unpaid interest as set forth in the Indenture, to, but excluding, the settlement date.
The payment for the accepted notes will be made Nov. 22. About $28.1 million in aggregate principal amount of the notes will remain outstanding.
Peabody and Wilmington Trust, National Association made the indenture Jan. 29, 2021. Peabody must offer to pay an aggregate principal amount of up to term loans so prepaid, repaid or repurchased by a month following voluntary prepayment, repayment or repurchase of term loans, the Co‐Issuers are obligated to offer to purchase for cash an aggregate principal amount of up to term loans so prepaid, repaid or repurchased.
On Sept. 14, the Co-Issuers repurchased $20.4 million aggregate principal amount of their 10.000% senior secured term loan due 2024 at a weighted average purchase price of 105.91% of par, in accordance with the Jan. 29, 2021, credit agreement.
Peabody also offered to buy an aggregate principal amount of the Term Loan not to exceed the lesser of (x) $61.2 million, and (y) (i) the aggregate principal amount of Notes actually repurchased in the Notes Offer, less (ii) about $20.4 million, at a purchase price of 105.91% of par.
The Term Loan Offer was raised Nov. 8 to the full $114.6 million aggregate principal amount of Term Loan outstanding. About $111.7 million of the aggregate principal amount of the Term Loan had been validly tendered and not validly withdrawn.