Peabody Energy Corporation · NYSE:BTU
Peabody Energy — Debt Investor Presentation (November 2020)
13 slides from Peabody Energy's debt investor presentation, Nov 9, 2020
Slide 1: Project Gibraltar — Company Proposal
Presentation Title Project Gibraltar — Company Proposal 1 November 2020 CONFIDENTIAL W:\Restructuring\Co-Active\Peabody Energy\Project Gibraltar\Presentation\2020.11.01 - Proposal Comparisons\2020.11.01 - Proposal Comparison_v16.pptx Time Stamp : 9 March 2017 10:42:26 Exhibit 99.2
Slide 2: Proposal Comparison — Surety Resolution
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) Surety Resolution Standstill Period Sureties to agree to the following terms / restrictions until December 31, 2025: Not to demand additional collateral on the existing surety bonds or new bonds after issuance Not to
Slide 3: Proposal Comparison — RCF Exchange
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) RCF Exchange Exchange Offer Offer to: (i) Exchange $219 million of RCF commitments at an exchange price of 80% for $175 million of New Structurally Senior Term Loans, and (ii) Extend the maturity of the remaining ~$32
Slide 4: Proposal Comparison — 2022 Notes Exchange
Proposal Comparison — 2022 Notes Exchange Company Proposal Project Gibraltar — Company Proposal Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) 2022 Notes Exchange Exchange Offer Offer to exchange: (i) $219 million of 2022 Notes at an exchange price of 80% for $175
Slide 5: New Structurally Senior Debt
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New Structurally Senior Debt Amount $350 million $400 million Agreed Interest Rate 7.5% per annum, payable quarterly in cash 12% per annum, payable quarterly in cash 7.125% per annum, payable quarterly in cash Amortiz
Slide 6: New Structurally Senior Debt — Voting Thresholds and Covenants
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New Structurally Senior Debt Voting Thresholds N/A Voting thresholds substantially consistent with existing Credit Agreement / Indenture as appropriate Agreed Covenants Restricted Payments: To be negotiated Permitted
Slide 7: New RemainCo Term Loan
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New RemainCo Term Loan Interest Rate Same as existing RCF L+725bps cash per annum 100bps LIBOR Floor 7.25% PIK per annum Same as existing RCF Prefunded Synthetic LC Facility Fees Same as existing RCF Interest Rate: L+
Slide 8: New RemainCo Term Loan — Covenants
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New RemainCo Term Loan Covenants Removal of First Lien Leverage Ratio maintenance covenant Removal of qualified opinion trigger for Event of Default Closing of substantially all Permitted Investment and Restricted Pay
Slide 9: New RemainCo Term Loan — ECF Sweep and Paydown
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New RemainCo Term Loan ECF Sweep N/A 100% ECF Sweep to be shared pro rata based on principal amount of debt between New RemainCo Term Loan and New Extended Maturity Notes Definition of Excess Cash Flow to be discussed
Slide 10: New Extended Maturity Notes
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New Extended Maturity Notes Interest Rate Same as existing 2022 Notes L+725bps cash per annum 100bps LIBOR Floor 7.25% PIK per annum Same as existing 2022 Notes Maturity March 31, 2025 September 17, 2023 March 31, 202
Slide 11: New Extended Maturity Notes — Other Terms
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) New Extended Maturity Notes Other Terms All other terms substantially similar to existing 2022 Notes provided, however, substantially all Restricted Payment and Permitted Investment capacity will be closed; de minimis
Slide 12: Other Terms
Company Proposal (10.14) Creditor Proposal (11.01) Company Counterproposal (11.01) Other Terms Professional Fee Expenses N/A Company to pay RCF Lenders’ and 2022 Noteholders’ professional fees (including Australian counsel) as detailed in their Engagement Letters with the Lenders/Noteholders Agree,
Slide 13: Disclaimer
Disclaimer Project Gibraltar — Company Proposal CONFIDENTIAL The information herein has been prepared by Lazard and Jones Day (collectively, “we”) based upon information supplied by Peabody Energy Corporation (“Peabody” or the “Company”) or publicly available information, and portions of the informa
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