By Lisa Kerner
Charlotte, N.C., June 15 - Natural Resource Partners LP subsidiary NRP (Operating) LLC completed the previously announced private placement of $50 million of senior unsecured series J notes on Wednesday.
Proceeds will be used to fund future acquisitions, including the remaining balance of the Hillsboro acquisition, according to a company news release.
The series J notes will have semiannual interest payments beginning on Dec. 1 and equal annual principal payments starting on Dec. 1, 2014.
In April, Natural Resource announced it would issue a total of four tranches of amortizing senior notes:
• $75 million of 4.73% series H notes due Dec. 1, 2023;
• $125 million of 5.03% series I notes due Dec. 1, 2026;
• $50 million of 5.03% series J notes due Dec. 1, 2026; and
• $50 million of 5.18% series K notes due Dec. 1, 2026.
The series H and series I notes closed in April.
NRP has one tranche remaining, the $50 million of series K senior notes, which will be issued in October.
Natural Resource Partners is a Houston-based owner and manager of coal properties and coal handling and transportation infrastructure.
| Issuer: | NRP (Operating) LLC
|
| Issue: | Senior notes, series J
|
| Amount: | $50 million
|
| Maturity: | Dec. 1, 2026
|
| Coupon: | 5.03%
|
| Settlement date: | June 15
|
| Distribution: | Private placement
|
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