Alvarez & Marsal launched an environmental, social and governance (ESG) services practice, led by managing director Julie Hertzberg, to meet the ESG needs of private equity firms, their portfolio companies, corporate clients and organizations.
Peabody Energy entered into a credit agreement for a $950 million term loan with Goldman Sachs Bank as administrative agent. The loan is part of Peabody’s exit financing as approved by the U. S. Bankruptcy Court for the Eastern District of Missouri.
Peabody Energy increased its term loan to $950 million from $500 million as part of its post-Chapter 11 restructuriing plan. Goldman Sachs, JPMorgan Chase and Credit Suisse Securities were joint lead arrangers.
Peabody Energy has received final approval from the bankruptcy court for its $800 million DIP financing facility. Citibank served as administrative agent for the lender group.
The U.S. Bankruptcy Court for the Eastern District of Missouri affirmed, on an interim basis, Peabody’s $800 million DIP financing facility provided by a lender group led by Citigroup.
Peabody Energy has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Missouri. Citibank arranged $800 million in DIP financing for the company.
Fitch Ratings has downgraded Peabody Energy’s long-term issuer default rating to ‘CC’ from ‘CCC’. Approximately $8.4 billion in face amount of obligations is affected by the rating actions.
Bloomberg reported that a group of Peabody Energy’s senior lenders hired law firm Davis Polk & Wardwell to help protect the value of their assets as they anticipate the company will begin talks to restructure it $6.3 billion of debt.
Peabody Energy amended its existing secured credit facility. According to the company 8-K filing, Citibank served as administrative agent, swing line lender and L/C issuer.