Peabody announces $1B share repurchase plan, 65% of AFCF return, $0.075 quarterly dividend

PEABODY ENERGY CORP

Board approved $1.0 billion share repurchase program for BTU common stock.
Committed to return at least 65% of annual Available Free Cash Flow (AFCF) to shareholders retroactive to Jan 1, 2023.
Regular quarterly cash dividend of $0.075 per share; program to launch in Q2 2023 after Q1 earnings.
Amended surety program: collateral cap of $722M or 56% of bonding; removes shareholder return restrictions; extended to Dec 31, 2026.
Terminated bank letter of credit facility; reduced interest costs and increased financial flexibility.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PEABODY ENERGY CORP terminated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (effective 2023-04-14).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
Effective: 2023-04-14

Exact text from the filing

On April 14, 2023, the Company terminated its letter of credit facility and the Credit Agreement, dated as of January 29, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “LC Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), and the lenders party thereto (collectively, the “Lenders”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PEABODY ENERGY CORP amended Amendment to Surety Transaction Support Agreement and Surety Term Sheet with certain providers of its surety program valued at combined maximum collateral cap of $722 million or 56 percent of the total bonding amount (effective 2023-04-14).

Action: amendment
Counterparty: certain providers of its surety program
Value: combined maximum collateral cap of $722 million or 56 percent of the total bonding amount
Effective: 2023-04-14

Exact text from the filing

On April 14, 2023, Peabody Energy Corporation (the “Company”) amended its surety program by entering into that certain Amendment to Surety Transaction Support Agreement and Surety Term Sheet (the “TSA Amendment”), which amends the Company’s Transaction Support Agreement and Surety Resolution Term Sheet, each dated as of November 6, 2020 (collectively, the “TSA”), by and among the Company, certain subsidiaries of the Company party thereto and certain providers of its surety program (collectively, the “Sureties”).

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PEABODY ENERGY CORP filing history →

Source: SEC EDGAR

accession 0001064728-23-000035

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