HOUSTON, Nov. 1 /PRNewswire-FirstCall/ -- Natural Resource Partners L.P.
(NYSE: NRP) today reported that its operating subsidiary, NRP (Operating) LLC,
entered into a 5-year, $175 million revolving credit facility with Citigroup
Global Markets, Inc. and Wachovia Capital Markets, LLC as joint lead
arrangers. The new credit facility replaces NRP Operating's previous 3-year
facility, which would have expired in October 2005. In addition to
substantially improved pricing terms, the new facility permits NRP Operating
to increase the size of the facility up to $300 million without obtaining
lender consents. As a result of entering into the new credit facility, the
Partnership will expense in the fourth quarter, $1.1 million of unamortized
loan financing costs related to NRP Operating's early extinguishment of its
previous credit facility.
According to NRP Chief Financial Officer and Treasurer, Dwight Dunlap,
"NRP is very pleased with the attractive terms of the new five-year credit
facility. Not only will NRP benefit from lower annual fees, but also reduced
pricing and lower administrative costs, with the added flexibility to increase
the size of the facility as acquisitions warrant."
The joint lead arrangers and joint bookrunners are Citigroup Global
Markets, Inc. and Wachovia Capital Markets, LLC. The Administrative Agent is
Citibank, N.A. and Wachovia Bank, National Association is the Syndication
Agent. The Co-Documentation Agents are BNP Paribas, BB&T and Bank of
Montreal.
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. 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.
CONTACT: Kathy Hager of Natural Resource Partners L.P., 713-751-7555, or khager@nrplp.com
Web site: http://www.nrplp.com