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Peabody announced its third quarter 2020 operating results with revenues sinking 39 percent from the prior year to $671.0 million due to lower volumes, mix changes and weaker seaborne pricing. US thermal revenues declined $215.4 million, including $82.6 million from Kayenta's closure in the third quarter of 2019. The Company also reported a loss of $67.2 million, or 69 cents a share, albeit narrower than its loss of $82.8 million, or 81 cents a share, for the year-earlier period.
Based on the Company's current outlook, “it is probable that Peabody's fourth quarter 2020 results will not be sufficient to meet the minimum required net leverage ratio as defined under the revolving credit agreement.” Peabody said it has been engaged in discussions with its revolving credit lenders and an ad hoc group of 2022 noteholders.
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