Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
−Removed: Our Common Stock is listed on the New York Stock Exchange, under the symbol “BTU.” As of February 16, 2021 there were 140 holders of our Common Stock, as determined by counting our record holders and the number of participants reflected in a security position listing provided to us by the Depository Trust Company (DTC).
−Removed: Because such DTC participants are brokers and other institutions holding shares of our Common Stock on behalf of their customers, we do not know the actual number of unique shareholders represented by these record holders.
−Removed: Dividend Policy
−Removed: We declared and paid quarterly dividends every quarter in 2019, and a supplemental dividend was declared and paid during the first quarter of 2019.
−Removed: We suspended dividends in 2020.
+Added: Peabody’s Common Stock is listed on the New York Stock Exchange, under the symbol “BTU.” As of February 11, 2022 there were 152 holders of the Company’s Common Stock, as determined by counting its record holders and the number of participants reflected in a security position listing provided to the Company by the Depository Trust Company (DTC).
+Added: Because such DTC participants are brokers and other institutions holding shares of Peabody’s Common Stock on behalf of their customers, the Company does not know the actual number of unique shareholders represented by these record holders.
+Added: The Company declared and paid quarterly dividends every quarter in 2019, and a supplemental dividend was declared and paid during the first quarter of 2019.
+Added: The Company suspended dividends in 2020.
As more fully described within “Liquidity and Capital Resources” of Part II, Item 7.
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” during the fourth quarter of 2020, we entered into transaction support agreements with our surety bond providers which prohibit the payment of dividends through December 31, 2024, unless otherwise agreed to by the parties to the agreements.
−Removed: Additionally, restrictive covenants in our credit facility and in the indentures governing our senior secured notes also limit our ability to pay cash dividends.
+Added: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” during the fourth quarter of 2020, the Company entered into a transaction support agreement with its surety bond providers which prohibits the payment of dividends through the earlier of December 31, 2025, or the maturity of the Credit Agreement (currently March 31, 2025) unless otherwise agreed to by the parties to the agreements.
+Added: Additionally, restrictive covenants in its credit facility and in the indentures governing its senior secured notes also limit the Company's ability to pay cash dividends.
Share Relinquishments
−Removed: We routinely allow employees to relinquish Common Stock to pay estimated taxes upon the vesting of restricted stock units and the payout of performance units that are settled in Common Stock under our equity incentive plans.
−Removed: The value of Common Stock tendered by employees is determined based on the closing price of our Common Stock on the dates of the respective relinquishments.
−Removed: Share Repurchase Programs
−Removed: On August 1, 2017, we announced that our Board of Directors authorized a share repurchase program to allow repurchases of up to $500 million of the then outstanding shares of our common stock and/or preferred stock (Repurchase Program).
−Removed: On April 25, 2018, we announced that the Board authorized the expansion of the Repurchase Program to $1.0 billion.
−Removed: On October 30, 2018, we announced that the Board authorized an additional expansion of the Repurchase Program to $1.5 billion.
+Added: The Company routinely allows employees to relinquish Common Stock to pay estimated taxes upon the vesting of restricted stock units and the payout of performance units that are settled in Common Stock under its equity incentive plans.
+Added: The value of Common Stock tendered by employees is determined based on the closing price of the Company’s Common Stock on the dates of the respective relinquishments.
+Added: Share Repurchase Program
+Added: On August 1, 2017, the Company announced that its Board of Directors authorized a share repurchase program to allow repurchases of up to $500 million of the then outstanding shares of its common stock and/or preferred stock (Repurchase Program), which was eventually expanded to $1.5 billion during 2018.
The Repurchase Program does not have an expiration date and may be discontinued at any time.
−Removed: Through December 31, 2020, we repurchased 41.5 million shares of our Common Stock for $1,340.3 million, which included commissions paid of $0.8 million, leaving $160.5 million available for share repurchase under the Repurchase Program.
−Removed: We suspended share repurchases in 2019, and similar to the payment of dividends as described above, the same agreements with our surety bond providers prohibit share repurchases through December 31, 2024, unless otherwise agreed to by the parties to the agreements.
−Removed: Additionally, restrictive covenants in our credit facility and in the indentures governing our senior secured notes also limit our ability to repurchase shares.
+Added: Through December 31, 2021, the Company has repurchased 41.5 million shares of its Common Stock for $1,340.3 million, which included commissions paid of $0.8 million, leaving $160.5 million available for share repurchase under the Repurchase Program.
+Added: The Company suspended share repurchases in 2019, and similar to the payment of dividends as described above, the same agreements with its surety bond providers prohibit share repurchases through the earlier of December 31, 2025, or the maturity of the Credit Agreement (currently March 31, 2025) unless otherwise agreed to by the parties to the agreements.
+Added: Additionally, restrictive covenants in its credit facility and in the indentures governing its senior secured notes also limit the Company’s ability to repurchase shares.
Prior to the suspension, repurchases were made at the Company’s discretion.
The specific timing, price and size of purchases depended upon the share price, general market and economic conditions and other considerations, including compliance with various debt agreements in effect at the time the repurchases were made.
+Added: Peabody Energy Corporation 2021 Form 10-K
+Added: Issuances of Equity Securities
+Added: In June 2021, the Company announced an at-the-market equity offering program pursuant to which the Company could offer and sell up to 12.5 million shares of its Common Stock.
+Added: The at-the-market equity offering program was further expanded to 32.5 million shares during 2021.
+Added: The shares are offered and sold pursuant to the Company’s Registration Statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 23, 2021, as supplemented by prospectus supplements dated June 4, 2021, September 17, 2021, and December 17, 2021 relating to the offer and sale of the shares.
+Added: During the year ended December 31, 2021, the Company sold approximately 24.8 million shares for net cash proceeds of $ 269.8 million.
+Added: Also during the year ended December 31, 2021, the Company completed multiple bilateral transactions with holders of the 2022 Notes, the 2025 Notes and the 2024 Peabody Notes in which the Company issued an aggregate 10.0 million shares of its Common Stock in exchange for $ 37.3 million aggregate principal amount of the 2022 Notes, $ 47.2 million aggregate principal amount of the 2025 Notes and $ 21.6 million aggregate principal amount of the 2024 Peabody Notes.
+Added: The issuance of shares of common stock in exchange for the 2022 Notes, the 2025 Notes and the 2024 Peabody Notes was made in reliance on the exemption from registration provided in Section 3(a)(9) under the Securities Act of 1933, based in part on representations of holders of the 2022 Notes, the 2025 Notes and the 2024 Peabody Notes, and on the basis that the exchange was completed with existing holders of the Company's securities and no commission or other remuneration was paid or given for soliciting the exchange.
Purchases of Equity Securities
7 unchanged sentences
December 1 through December 31, 2021
−Removed: 443 1.99 — 160.5
(1) Includes shares withheld to cover the withholding taxes upon the vesting of equity awards, which are not a part of the Repurchase Program.
−Removed: Peabody Energy Corporation 2020 Form 10-K
−Removed: Mandatory Conversion of Preferred Shares
−Removed: Each share of our Series A Convertible Preferred Stock (Convertible Preferred Stock) that was previously outstanding was subject to mandatory automatic conversion into a number of shares of Common Stock if the volume weighted average price of the Common Stock exceeded $32.50 for at least 45 trading days in a 60 consecutive trading day period, including each of the last 20 days in such 60 consecutive trading day period.
−Removed: On January 31, 2018, the requirements for such a mandatory conversion were met and the then outstanding 13.2 million shares of Convertible Preferred Stock were automatically converted into 24.8 million shares of Common Stock.
−Removed: As a result of this mandatory conversion, we recorded a non-cash preferred dividend charge of $102.5 million during the year ended December 31, 2018.
−Removed: After the mandatory conversion, no shares of Convertible Preferred Stock are issued or outstanding and all rights of the prior holders of Convertible Preferred Stock have terminated.
Stock Performance Graph
−Removed: The following performance graph compares the cumulative total return on our common stock from April 4, 2017, the date our common stock began trading following the effective date of our plan of reorganization, through December 31, 2020, with the cumulative total return of the following indices:
+Added: The following performance graph compares the cumulative total return on Peabody’s common stock from April 4, 2017, the date its common stock began trading following the effective date of its plan of reorganization, through December 31, 2021, with the cumulative total return of the following indices:
(i) the S&P MidCap 400 Stock Index and (ii) Custom Composite Index (a peer group comprised of Arch Resources, Inc., Hallador Energy Co., and Warrior Met Coal, Inc.).
6 unchanged sentences
Peabody Energy Corporation 2021 Form 10-K
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.