Peabody Sees Q3 Results To Be Sequentially Lower - Quick Facts

(RTTNews) - Peabody (BTU) said that it now expects third quarter results to be materially lower than second quarter performance. It now targets fourth quarter 2019 seaborne volumes and costs substantially better than expected third quarter performance.

The company confirmed full-year 2019 guidance targets disclosed on July 31, 2019, while citing several external factors that are expected to affect third quarter 2019 results and positioning within the full-year targeted ranges.

The company announced that it has launched a process to refinance its term loan and revolver with larger facilities to accommodate the pending PRB/Colorado joint venture with Arch Coal, increase financial flexibility, extend debt maturities and increase pre-payable debt as part of the company's previously announced comprehensive refinancing initiative.

The company said it may use a portion of the net proceeds from the refinancing initiative to finance its pending tender offer for its outstanding 6.000% senior secured notes due 2022 and 6.375% senior secured notes due 2025.