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ST. LOUIS, May 22 /PRNewswire/?-- Shares of Peabody Energy Corporation began trading today on the New York Stock Exchange under the symbol BTU.

Peabody Energy announced that its initial public offering of 15 million common shares has been priced at $28 per share. The company also has granted its underwriters an over-allotment option to purchase an additional 2.25 million shares at the offering price of $28. Gross proceeds, excluding the over-allotment option, are expected to total approximately $420 million. Peabody Energy expects to use the net proceeds from the offering to repay a portion of the company's indebtedness. After the offering, the company will have approximately 49.6 million shares outstanding, excluding the over- allotment option. The offering is being made through a group of underwriters led by Lehman Brothers Inc.

Peabody Energy is the world's largest private-sector coal company. Its coal fuels more than 9 percent of all U.S. electricity generation and 2.5 percent of worldwide electricity generation.

This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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SOURCE: Peabody Energy Corporation