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Peabody Energy announced that its initial public offering has been concluded, with the underwriters exercising the over-allotment option. Including the over-allotment, the company sold 17.25 million shares to the public at the offering price of $28. Following the offering, the company has 51.9 million shares outstanding.

Net proceeds to the company, including the over-allotment, totaled $455.8 million. Peabody Energy expects to use the proceeds to repay debt.

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.

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SOURCE: Peabody Energy