Peabody Energy has secured a $2.08bn bridge loan to facilitate the acquisition of Anglo American's steelmaking coal business, Bloomberg reported. The loan, arranged with a consortium of banks and private credit lenders,

Anglo American signed a deal to sell its remaining steelmaking coal assets to U.S. miner Peabody Energy for up to $3.8 billion, the first major step in its large-scale business reshaping.

Anglo American Plc said it’s agreed to sell its steelmaking coal business for about $4.9 billion, including the already announced sale of its interest in Jellinbah Group.

Anglo American’s deal sits in line with the mining company’s plans to refocus its business on copper, iron ore and crop nutrients.

Peabody Energy has obtained a $2.075-billion bridge loan from a mix of banks and private credit to back its acquisition of Anglo American’s steelmaking coal business. The US miner plans to refinance the loan before the acquisition closes in the first half of next year,

"Peabody to acquire Anglo American’s steel-making coal assets in Australia for $2.32bn" was originally created and published by Mining Technology, a GlobalData owned brand.

(Reuters) -Anglo American on Monday agreed to sell its Australian steelmaking coal mines to Peabody Energy for a cash consideration of up to $3.78 billion, in its first major disposal as part of a wider restructuring plan.

With US demand for coal waning, Peabody Energy Corp., has struck a deal to shift its focus on targeting growth in the global steel market.

Anglo American (LSE:AAL,OTCQX:AAUKF) said on Monday (November 25) that it has entered into definitive agreements to sell its entire steelmaking coal business in Australia to Peabody Energy (NYSE:BTU).