Natural Resource Partners unit extends revolver, adds accordion

By Angela McDaniels

Tacoma, Wash. Aug. 11 - Natural Resource Partners LP subsidiary NRP (Operating) LLC amended and restated its $300 million revolving credit facility, extending it by five years to August 2016 from March 2012.

The amendment also includes a $500 million accordion feature, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 100 basis points to 225 bps. The commitment fee is 17.5 bps to 40 bps. They both depend on the company's leverage.

If the company achieves and maintains an investment-grade rating from Standard & Poor's, Moody's Investors Service or Fitch Ratings, the spread over Libor will be 125 bps to 200 bps.

Citigroup Global Markets, Inc. and Wells Fargo Securities, LLC acted as the bookrunners and lead arrangers. Citibank, NA is the administrative agent. Wells Fargo Bank, NA is the syndication agent.

The amendment was made on Wednesday.

Natural Resource Partners is a Houston-based master limited partnership that owns and manages coal, aggregate, oil and gas reserves.

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