Shares of Peabody Energy Corp. /zigman2/quotes/203600175/composite BTU -1.13% sank 8.1% toward a record low in afternoon trading Friday, after the coal miner said a terminated its cash tender offers to buy back debt, saying the markets didn't cooperate. "The company noted that, at this particular time, the debt markets do no accommodate a path toward completing the offers and achieving the company's refinancing objectives in an economic fashion," Peabody said in a statement late Wednesday. "The company intends to pursue alternative means to accomplish its longer-term objectives in a manner that adds value to the enterprise." Earlier this week, the company said it completed an upsizing of its revolving credit facility, to help enable the pending Arch Coal Inc. /zigman2/quotes/203542275/composite ARCH +1.69% joint venture. On Friday, Peabody "confirmed its commitment" to the Arch Coal JV, saying it continues to progress through the regulatory approval process. Arch Coal's stock dropped 5.2% toward the lowest close since Oct. 30, 2017. Year to date, Peabody shares have slumped 48.7% and Arch Coal's stock has lost 13.2%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.47% has gained 19.3%.