Peabody Energy says it continues to evaluate debt exchanges, buybacks
Jan 25 2016, 09:04 ET | About: Peabody Energy Corporation (BTU) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Peabody Energy (NYSE
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TU) +7.2% premarket after disclosing that it continues to negotiate with lenders regarding $1.5B in notes due in 2018 with the dual financial objectives of "optimizing liquidity and deleveraging."BTU says potential transactions being discussed with its lenders include the exchange of the 2018 notes for secured notes issued by a subsidiary that does not guarantee any of BTU's existing debt, two series of new notes issued by BTU, and the granting to lenders of BTU common stock.BTU says a potential non-guarantor subsidiary could include assets from BTU properties such as the Kayenta Mine in Arizona, the Francisco U/G Mine and Wild Boar Mine in Indiana, and the Gateway/Gateway North Mine in Illinois.