We advised the initial purchasers on the offering

Davis Polk advised the representative of the several initial purchasers in connection with a Rule 144A offering by Peabody Energy Corporation of $250 million aggregate principal amount of its 0.50% convertible senior notes due 2031, which included $25 million principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised the counterparties to the capped call transactions entered into in connection with the offering.

Peabody is a leading producer of metallurgical and thermal coal. In 2025, Peabody sold 122 million tons of coal. As of December 31, 2025, Peabody owned interests in 16 active coal mining operations located in the United States and Australia, including a 50% equity interest in Middlemount Coal Pty Ltd.

The Davis Polk capital markets team included partner Yasin Keshvargar, counsel Michael Stromquist and associate Ryan (Yudu) Zang. The equity derivatives team included partner Mark J. DiFiore, counsel Richard Stockton Bullitt and associates Alexander S. Pettingell, Selena (Zhijun) Fu and Chanique C. Vassell. The tax team included partner Aliza Slansky and counsel Yixuan Long. All members of the Davis Polk team are based in the New York office.

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