Peabody Energy, the world's largest private-sector coal miner, began marketing a $1.5 billion debt sale this week as part of a reorganization plan to emerge from bankruptcy, Reuters reported yesterday. The company is looking to raise the funds through first-lien debt, split across a $1 billion five-year non-call two bond and a $500 million loan, according to an investor presentation. The new debt sale will help Peabody repay roughly $3 billion in existing first-lien claims and complete a reorganization plan, that is expected to cut debt by over $5 billion.
