Peabody Energy Corp. has begun a process to reprice and extend the maturity period of its senior secured term loan.
The process is expected to provide the company additional financial and operational flexibility by extending the loan's maturity profile and reducing cash interest expense. As part of the process, Peabody reaffirmed its prior operational and financial targets for full-year 2018, including metallurgical coal costs slightly above the annual range.
Peabody, which mines coal in the U.S. and Australia, has focused on shareholder return initiatives and carefully managing its capital since emerging from a bankruptcy reorganization early in 2017. The company repurchased 4.4 million of its own shares, completing $350 million in repurchases under its $500 million authorized share buyback program.
The company expects to report first-quarter earnings on April 25.