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Peabody Energy has completed a series of interest rate swap transactions to benefit from reduced short-term interest rates.

The $150 million in swaps from fixed-to-floating-rate debt reduces current interest expense by 2.7 percent per annum and moves the company toward a targeted 60/40 fixed-to-floating-rate ratio. At current rates, the benefits of the swaps to the company imply an annual savings of $4 million.

Peabody Energy is the world's largest coal company. Its coal products fuel more than 9 percent of all U.S. electricity generation and more than 2 percent of worldwide electricity generation.

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SOURCE: Peabody Energy