HOUSTON, Mar 8, 2004 /PRNewswire-FirstCall via COMTEX/ -- Natural Resource Partners L.P.
(NYSE: NRP) today announced that it plans to sell 4,600,000 common units in an
underwritten offering pursuant to an effective registration statement on
Form S-3 previously filed with the Securities and Exchange Commission. NRP
will also grant the underwriters an option to purchase up to 690,000
additional units to cover over-allotments, if any.
The partnership intends to use a portion of the net proceeds to repay the
full $102.5 million of debt outstanding under its credit facility. Any
additional net proceeds will be used to redeem common units currently held by
Arch Coal, Inc. at a price equal to the offering price less underwriting
discounts. The common units issued to redeem common units from Arch Coal will
not increase the number of units outstanding.
Citigroup and Lehman Brothers are joint lead managers and Citigroup will
act as the sole book-running lead manager. In addition, A. G. Edwards & Sons,
Inc.; UBS Investment Bank; Wachovia Securities; Friedman Billings Ramsey; RBC
Capital Markets; and Sanders Morris Harris will act as co-managers of the
offering.
A copy of the prospectus supplement and related base prospectus relating
to the offering may be obtained from Citigroup, Brooklyn Army Terminal,
140 58th Street, 8th Floor, Brooklyn, NY 11220, Attn: Prospectus Department,
Telephone: 718-765-6732 or Lehman Brothers, c/o ADP Financial Services,
Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717,
Telephone: 631-254-7106, or from any of the other underwriters.
This does not constitute an offer to sell or a solicitation of an offer to
buy the securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made only by
means of a prospectus and related prospectus supplement.
Natural Resource Partners L.P. is headquartered in Houston, TX, with its
operations headquarters in Huntington, WV. NRP is a master limited
partnership that is principally engaged in the business of owning and managing
coal properties in the three major coal producing regions of the United
States: Appalachia, the Illinois Basin and the Powder River Basin.
For additional information, please contact Kathy Hager at 713-751-7555 or
khager@nrplp.com . Further information about NRP is available on the
partnership's website at http://www.nrplp.com .
This press release may include "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements include the
anticipated sale of 4,600,000 common units and the potential exercise of the
over-allotment. All statements, other than statements of historical facts,
included in this press release that address activities, events or developments
that the partnership expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based on certain
assumptions made by the partnership based on its experience and perception of
historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstances. Such statements are
subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the partnership. These risks include, but are not
limited to, decreases in demand for coal; changes in operating conditions and
costs; production cuts by our lessees; commodity prices; unanticipated
geologic problems; changes in the legislative or regulatory environment and
other factors detailed in Natural Resource Partners' Securities and Exchange
Commission filings. Natural Resource Partners L.P. has no obligation to
publicly update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
SOURCE: Natural Resource Partners L.P.
Kathy Hager of Natural Resource Partners L.P., +1-713-751-7555,
or khager@nrplp.com