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Peabody confirms reorganization letter from PNC Bank

Peabody Energy Corp. in a Form 8-K filed Jan. 27 confirmed that it received a letter from PNC Bank NA, whereby the latter agreed to amend an existing securitization facility as part of an amended and restated receivables purchase agreement.

The amendment would increase the purchase limit under the facility to a maximum $250 million and extend the termination date.

The bank's commitment to provide 100% of the purchase limit is subject to certain conditions, including, but not limited to, the occurrence or waiver of all conditions precedent to the effectiveness of Peabody's reorganization plan.

The outside termination date for the letter is May 1.

Peabody recently won court approval for several of its reorganization initiatives, paving the way for the company to take the next steps to emerge from its bankruptcy.