Hedge Fund-Backed Peabody Energy Unveils 13M-Share Sale

August 19th, 20176:36 am @

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Law360, New York (August 18, 2017, 2:32 PM EDT) — Hedge fund-backed coal producer Peabody Energy Corp., which recently exited Chapter 11 bankruptcy protection and began trading its stock publicly again, on Friday announced a secondary offering that will allow stockholders to sell 12.8 million shares in a deal advised by three law firms.

St. Louis-based Peabody said stockholders affiliated with hedge fund Discovery Capital Management are selling the shares, which, based on the company’s stock price Thursday of $27.94, would net them $357.6 million. Peabody is not receiving any proceeds from the sale.

Separately, the…

Article source: https://www.law360.com/articles/955700/hedge-fund-backed-peabody-energy-unveils-13m-share-sale