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Goldman Sachs Agents $270MM Revolver for Peabody Energy

November 20, 2017, 07:09 AM
Filed Under: Energy

Peabody Energy Corporation amended its Credit Agreement by entering into Amendment No. 2 to Credit Agreement, by and among the company, the subsidiaries of the company party thereto as reaffirming parties, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent.

Pursuant to the Amendment, the Company, among other things, added an incremental revolving credit facility in an aggregate principal amount of $270,000,000. The interest rates per annum applicable to loans under the Incremental Revolving Facility will be (i) LIBOR plus 3.25% for LIBOR loans or (ii) a base rate plus 2.25% for base rate loans. The Incremental Revolving Facility matures on November 17, 2020. The Incremental Revolving Credit Facility is available for general liquidity purposes. The Company initially intends to utilize the facility for the issuance of letters of credit.

The Amendment also adds a financial covenant for the benefit of the revolving lenders that measures the ratio of the Company’s consolidated first lien net debt (subject to an unrestricted cash netting cap of $800 million) to the amount of the Company’s consolidated EBITDA (as defined in the Credit Agreement).

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