April 9, 2018 / 8:35 PM / 8 months ago

BRIEF-Peabody Reduces Interest Rate And Extends Maturity Of Term Loan

April 9 (Reuters) - Peabody Energy Corp:

* PEABODY REDUCES INTEREST RATE AND EXTENDS MATURITY OF TERM LOAN

* AMENDMENT PROVIDES FOR EXTENSION OF MATURITY OF TERM LOAN BY THREE YEARS TO 2025

* SENIOR SECURED TERM LOAN WOULD NOW BEAR INTEREST AT A RATE OF LIBOR PLUS 2.75 PERCENT, REFLECTING A REDUCTION OF 75 BASIS POINTS

* UPON CLOSING, CO PLANS TO REPAY ABOUT $46 MILLION OF ITS TERM LOAN, WHICH WOULD BRING TOTAL OUTSTANDING TERM LOAN BALANCE TO $400 MILLION

* PEABODY ENERGY CORP - COMPANY'S STATED LONG-TERM GROSS DEBT TARGET IS $1.2 BILLION TO $1.4 BILLION

* CERTAIN TERMS WILL ALSO BE MODIFIED, INCLUDING ELIMINATION OF CAPEX COVENANT UNDER TERM LOAN AND REVOLVING CREDIT FACILITY

* EXPECTS ADDITIONAL DEBT REPAYMENT, INTEREST RATE REDUCTION TO GENERATE ANNUAL CASH INTEREST SAVINGS OF ABOUT $5 MILLION ON PRO FORMA BASIS Source text for Eikon: Further company coverage:

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