Alliance Resource to draw on credit facility for AllDale purchase

By Sara Rosenberg

New York, Dec. 17 – Alliance Resource Partners LP plans on using borrowings under its credit facility and cash on hand to fund the $175.96 million acquisition of the general partner interests in AllDale not currently owned by Alliance Resource’s affiliate Cavalier Minerals JV LLC, according to a news release.

Currently, Alliance Resource owns a 96% interest in Cavalier, which owns about 72% of the limited partner interest in AllDale.

Upon closing, Alliance Resource will own 100% of the general partner and around 97% of the limited partner interests in AllDale.

Closing is expected in early January.

Alliance Resource is a Tulsa, Okla.-based diversified producer and marketer of coal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.