Natural Resource Partners L.P Retires $98 Million of 9.125% Senior Notes due 2025
June 15 2022 - 4:30PM
Business Wire
Natural Resource Partners L.P. (NYSE: NRP) today
announced it has retired $98 million of its 9.125% Senior Notes due
2025 in the second quarter of 2022. These notes were purchased on
the open market at a weighted average price of 102.23%, a discount
to the current redemption price of 104.563%. The retirement of this
debt will save approximately $9 million annually in interest
savings. After giving effect to the transactions, $202 million of
NRP’s 9.125% Senior Notes due 2025 remain outstanding and NRP has a
1.6x pro-forma leverage ratio as of March 31, 2022.
“As a result of the Partnership’s free cash flow generation,
solid liquidity, and positive outlook for its business lines, we
were able to opportunistically retire over 30% of our outstanding
Senior Notes,” said Craig Nunez, NRP’s president and chief
operating officer. “This early debt reduction demonstrates our
ongoing commitment to solidify our capital structure and maximize
unitholder value.”
Company Profile
Natural Resource Partners L.P., a master limited partnership
headquartered in Houston, TX, is a diversified natural resource
company that owns, manages and leases a diversified portfolio of
properties in the United States including coal, industrial minerals
and other natural resources, as well as rights to conduct carbon
sequestration and renewable energy activities. NRP also owns an
equity investment in Sisecam Wyoming LLC, one of the world’s
lowest-cost producers of soda ash.
For additional information please contact Tiffany Sammis at
713-751-7515 or tsammis@nrplp.com. Further information about NRP is
available on the partnership’s website at http://www.nrplp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Partnership expects, believes or anticipates will or may occur in
the future are forward-looking statements. These statements are
based on certain assumptions made by the Partnership based on its
experience and perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of the Partnership. These risks include, among
other things, statements regarding: the effects of the global
COVID-19 pandemic; future distributions on the Partnership’s common
and preferred units; the Partnership's business strategy; its
liquidity and access to capital and financing sources; its
financial strategy; prices of and demand for coal, trona and soda
ash, and other natural resources; estimated revenues, expenses and
results of operations; projected future performance by the
Partnership's lessees, including Foresight Energy; Sisecam Wyoming
LLC’s trona mining and soda ash refinery operations; distributions
from the soda ash joint venture; the impact of governmental
policies, laws and regulations, as well as regulatory and legal
proceedings involving the Partnership, and of scheduled or
potential regulatory or legal changes; global and U.S. economic
conditions; and other factors detailed in Natural Resource
Partners’ Securities and Exchange Commission filings. Natural
Resource Partners L.P. has no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220615005894/en/
Tiffany Sammis 713-751-7515 tsammis@nrplp.com
Natural Resource Partners (NYSE:NRP)
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