What happened Shares of coal producer Peabody Energy (NYSE: BTU) jumped as much as 22% in trading on Monday after the company finalized an agreement with debtholders. At 2:50 p.m. EDT today, shares were near their highs of the day and showed no signs of stopping. So what An agreement announced on Thursday finalizes a proposed deal from Dec. 24. The deal extends the maturity of senior secured notes due in 2022 to a 2024 maturity date. The company's revolving credit facility was also extended to December 2024. Part of the agreement also eliminates some covenants that management thought could restrict its flexibility. Image source: Getty Images. Management is hoping that extending debt maturities to 2024 will give the company leeway to turn operations around. They see potential demand growth in international markets, which could offset a decline in U.S. demand. But creditors aren't giving the company a break on what they're owed, so Peabody has to start showing operational improvement or it's just kicking the can down the road. Now what I don't see this agreement as a game changer for Peabody Energy. The company is still in a business that's in structural decline as coal power plants are shut down around the world. That'll continue to put pressure on the business, and long term I think there are better opportunities in energy stocks outside of the coal industry than there are in the dying business. 10 stocks we like better than Peabody Energy CorporationWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Peabody Energy Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source