Oxford Resource Partners upsizes credit facility to $175 million

By Sara Rosenberg

New York, June 25 - Oxford Resource Partners LP increased the size of its credit facility to $175 million from $150 million, according to a market source.

The facility now consists of a $115 million three-year revolver, up from $100 million, and a $60 million four-year term loan A, up from $50 million, the source said.

As before, pricing on the two tranches is Libor plus 425 basis points with a 1% Libor floor. The term loan A was offered to investors with an original issue discount of 983/4.

Citigroup and Barclays are the lead banks on the deal.

Financial covenants include a leverage ratio of no greater than 2.75 times and an interest coverage ratio of no less than 4.0 times.

Proceeds will be used to refinance existing debt, for working capital and other general partnership purposes and for capital expenditures

The credit facility is in connection with the company's initial public offering of 8.75 million common units.

Oxford Resource Partners is a Columbus, Ohio-based producer of coal.

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