Investing, Trading & Stock markets | Financial site

Peabody extends financing deadlines after creditor lawsuit

´╗┐Peabody Energy Corp said on Thursday the deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy had been extended after large investors sued to slow the process. Last week, Peabody unveiled its plan to eliminate more than $5 billion of debt and raise capital from creditors with a $750 million private placement and a $750 million rights offering. The financing agreements were funded by key creditors that signed on to a plan support agreement with Peabody, although a portion of those deals were reserved for other noteholders if they agreed to back Peabody's plan by Wednesday. Peabody said in a statement the deadline was extended to Friday for Peabody noteholders to join the financing deals, which offer an opportunity to receive financial incentives.

The creditors will also be able to invest in coal as the industry recovers from weak prices that pushed three of the four largest U.S. coal producers into bankruptcy. Peabody this month took advantage of rising coal prices to seek court approval to repay a $500 million term loan ahead of schedule. Peabody also said on Thursday it has growing support for its plan, with holders of 65 percent of its second-lien notes and 65 percent of its unsecured notes signing on to the financing deals and plan support agreement. Peabody still faces opposition to its plans.

On Wednesday, investors holding about $444 million of Peabody loans and notes sued the company to halt the financing deals process, which they said denied them time to review complex agreements that were filed a week ago. The investors want the deadline to join the deals extended until Jan. 26, when Peabody will seek approval from the Bankruptcy Court in St. Louis for its agreements and disclosures, according to court filings.

Peabody said it looked forward to a timely confirmation by the court of its plan."The plan was the outcome of many months of discussions with groups representing multiple creditor classes, and filed on a timetable that was well publicized," a company statement said. The lawsuit was brought by affiliates of Appaloosa Management, Latigo Partners, Capital Ventures International and Venor Capital Management. A lawyer for the investors did not immediately respond to a request for comment about the extended deadline. var $relatedItems = $('lia "/article/us-global-markets-idUSKBN14O01J"Stocks hold gains after Fed minutes; dollar down/a/lilia "/article/global-markets-idUSL1N1EU0W0"GLOBAL MARKETS-Stocks hold gains after Fed minutes; dollar down/a/li'), $relatedItems = $relatedItems.slice(0,10), relatedBlockLimit = Number('6'), relatedItemsTotal = $relatedItems.length, $paragraphTags = $('#article-text p'), contentParagraphs = 0, minParagraphs = Number("8"); for (i=0; i $paragraphTags.length; i++) { if ($paragraphTags[i].innerText.trim().length 0) { contentParagraphs = contentParagraphs + 1; } } if (contentParagraphs minParagraphs) { setTimeout(function(){ if (relatedItemsTotal relatedBlockLimit) { $('.first-article-divide').append('div class="related-content group-one"h3 class="related-content-title"Also In FRB/h3ul/ul/div'); $('.second-article-divide').append($('.slider.slider-module')); $('.third-article-divide').append('div class="related-content group-two"h3 class="related-content-title"Also In FRB/h3ul/ul/div'); var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $(' ul'); var $relatedContentGroupTwo = $(' ul'); $.each($relatedItems, function(k,v) { if (k + 1 = median) { $relatedContentGroupOne.append($relatedItems[k]); } else { $relatedContentGroupTwo.append($relatedItems[k]); } }); } else { $('.third-article-divide').append($('div class="related-content group-one"h3 class="related-content-title"Also In FRB/h3ul/ul/div')); $('.related-content ul').append($relatedItems); } },500); } Next In FRB Ex-Barclays trader pleads guilty in U.S. in forex probe NEW YORK A former trader at Barclays Plc pleaded guilty on Wednesday to U.S. charges arising from a global investigation of the manipulation of foreign-exchange prices at major banks, the U.S. Justice Department said. Ex-Barclays trader pleads guilty in U.S. in forex probe NEW YORK, Jan 4 A former trader at Barclays Plc pleaded guilty on Wednesday to U.S. charges arising from a global investigation of the manipulation of foreign-exchange prices at major banks, the U.S. Justice Department said. Mexican minister flags investment risk of planned Trump tax cuts MEXICO CITY Mexico's economy minister on Wednesday flagged potential risks to investment stemming from U.S. tax cuts under the incoming administration of President-elect Donald Trump, who has vowed to defend the U.S. manufacturing sector. MORE FROM REUTERS window._taboola = window._taboola || []; _taboola.push({ mode: 'organic-thumbnails-a', container: 'taboola-recirc', placement: 'Below Article Thumbnails - Organic', target_type: 'mix' }); Sponsored Content @media(max-this site) { #mod-bizdev-dianomi{ height: 320px; } } From Around the Web Promoted by Taboola window._taboola = window._taboola || []; _taboola.push( { mode: 'thumbnails-3X2', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' } ); window._taboola = window._taboola || []; _taboola.push

Rlpc asia pac syndicated loans hit record $462 bln

´╗┐* China and Hong Kong set new loan volume records* North Asia lending of $244 bln 66 percent higher than 2012* M&A lending up 63 percent to $46 blnBy Jacqueline PohHONG KONG, Dec 31 (Reuters Basis Point) - Syndicated lending in Asia Pacific (excluding Japan) hit a record high of $462 billion in 2013, showing an increase of 51 percent on $307 billion in 2012, as demand from Chinese companies doubled, according to Thomson Reuters LPC data. Chinese loan volume soared $117 billion, up 99 percent on a year earlier, as China's companies and provincial governments borrowed heavily to finance acquisitions and infrastructure. Hong Kong also set a new record of $80 billion in 2013, with an 86 percent increase on 2012. Nearly 70 percent of Hong Kong loans were for mainland Chinese companies, which moved offshore to raise cheaper foreign currency ofloans after government regulations curbed onshore US dollar lending in May. Strong growth in China and Hong Kong boosted North Asia lending to $244 billion, up 66 percent on $147 billion in 2012.

Southeast Asia's loan markets shrugged off macroeconomic weakness and currency depreciation in India and Indonesia and volume rose 51 percent to $80 billion from $52.6 billion in 2012. Malaysia, Philippines and Thailand also set new loan volume records. Asia saw more jumbo multibillion dollar loans in 2013 and average loan sizes of roughly $400 million were 20 percent bigger than in 2012. The biggest loan of the year was a 1.98 trillion yen loan for Japanese wireless carrier SoftBank Corp in September, which refinanced a one-year bridge loan from December 2012 that backed SoftBank's $21.6 billion acquisition of US-based telecom Sprint Corp.

Japan was Asia's biggest loan market in 2013 with volume of $276 billion, but lending dipped 15 percent from $324.5 billion in the previous 12 months due to reduced levels of merger and acquisition (M&A) activity. Other jumbo Asian loans included an $8 billion refinancing for Chinese e-commerce company Alibaba Group and a $6 billion bridge loan backing Thai convenience store operator CP All Pcl's takeover of Siam Makro Pcl."It is not every year that we see $8 billion or $6 billion deal sizes, but $2 billion or $3 billion is normal all of a sudden," said Aditya Agarwal, head of loan syndicate for Asia Pacific at Royal Bank of Scotland. M&A INCREASING Excluding Japan, M&A activity in Asia Pacific rose 63 percent to $46 billion in 2013 from a year earlier. Hong Kong was especially busy with 37 percent of acquisition loans backing Chinese firms' overseas expansion. China National Offshore Oil Corp raised $9 billion in two separate loans backing Australian and Canadian acquisitions, and pork producer Shuanghui International Holdings Ltd took a $4 billion acquisition loan to buy Smithfield Foods of the US.

Leveraged loans backing private equity buyouts climbed 20 percent to around $8.5 billion from $7 billion in 2012. Deals included a $1.075 billion loan backing the $3.7 billion buyout of US-listed Chinese display advertising company Focus Media Holding Ltd, which is the largest leveraged buyout of a Chinese company to date and more are expected."The success of recent LBO financings will encourage private equity sponsors to tap the loan market," said Ashish Sharma, head of Asia Pacific loan syndication at Credit Suisse. M&A activity pushed Singapore volume 21 percent higher to $40 billion in 2013 from $33 billion a year earlier due to a S$9.3 billion