According to a related 8-K filing, in January, Peabody obtained an exit facility commitment letter from Goldman Sachs Bank USA, JPMorgan Chase, Credit Suisse and Credit Suisse Securities. Goldman Sachs and JPMorgan served as arrangers for the transaction. Macquarie Capital Funding, Goldman Sachs, Credit Suisse and JPMorgan were the initial lenders for a senior secured credit facility in the aggregate amount of $1.5 billion.
On April 3, 2017, the company entered into the credit agreement with Goldman Sachs Bank as administrative agent, and the other lenders party contemplated by the exit facility commitment letter. The credit agreement provides for a $950 million senior secured term loan, matures in 2022 and bears interest at a fluctuating rate of LIBOR + 4.50% per annum with a 1.00% LIBOR floor.
On March 17, 2017, the bankruptcy court entered an order, Docket No. 2763 confirming the debtors’ second amended joint plan of reorganization of debtors and debtors in possession as revised March 15, 2017.
On April 3, 2017, the company satisfied the conditions to effectiveness set forth in the confirmation order and in the plan. The plan became effective in accordance with its terms, and the company and the other debtors emerged from Chapter 11.