Rhino Resource Partners LP Announces Amendment and Extension of Existing Financing Agreement
September 15, 2019 - Rhino Resource Partners LP (RHNO) (“Rhino” or the “Partnership”) has announced that it has executed an amendment to its existing $80 million financing agreement with Colbeck Capital Management, LLC (“Colbeck”) that includes a two year extension from the previous maturity date of the agreement. The maturity date of the financing agreement is extended to December 27, 2022 and the amendment also includes a $5 million delayed draw per the existing terms of the agreement, in addition to the $5 million delayed draw that was completed in connection with the Partnership’s acquisition of the previously announced Blackjewel assets. Rhino has an additional $25 million in delayed draws remaining under its financing agreement.
Rick Boone, President and Chief Executive Officer of Rhino’s general partner, stated, “The extension of our financing agreement with Colbeck demonstrates the strong relationship we have with our lender, the strength of our current balance sheet, and their long-term commitment to the Rhino organization. The $5 million draw on our facility provides additional liquidity to sufficiently capitalize and refurbish the mid-vol metallurgical assets recently acquired from Blackjewel out of bankruptcy, as well as our plans for organic expansion growth of existing assets in our portfolio. With Colbeck as our financing partner and the continued support of our sponsor, Royal Energy Resources, Inc. (ROYE), we believe Rhino is positioned to be a leading, long-term competitor in the world-wide coal markets.”