BTU - Why Peabody Energy Stock Tanked as Much as 17% This Week
Shares of Peabody Energy (NYSE: BTU) , one of the largest coal miners in the world, fell as much as 17% this week, according to data from S&P Global Market Intelligence . At the start of trading on Friday, March 11, the stock is still off by around 10.5% for the week. It all ties back to a "financing" news announcement the company released at the start of the week.
The word financing is in quotes above because the $150 million unsecured multiple-draw credit facility Peabody inked with Goldman Sachs was really only the tip of the iceberg. It was the reason the coal miner needed that money that is far more important. A little background is necessary.
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Why Peabody Energy Stock Tanked as Much as 17% This Week