Peabody Energy (BTU -7.5%) plunges to new all-time lows, declining alongside coal peers such as Arch Coal (
ARCH -5.2%) Consol Energy (
CEIX -1.5%) and Warrior Met Coal (
HCC -3.2%).
BTU said last night it had
terminated previously announced tender offers for $1B in outstanding senior notes, claiming "the debt markets do not accommodate a path toward completing certain cash tender offers for outstanding senior notes and achieving the company's refinancing objectives in an economic fashion."
BTU says it will pursue alternative means to accomplish its longer-term objectives.
Earlier this week, BTU said it
upsized its revolving credit facility with $215M of additional commitments for an aggregate facility size of $565M and extended the maturity date for $540M of the facility to 2023.