HOUSTON, Aug 04, 2005 /PRNewswire-FirstCall via COMTEX/ -- Natural Resource Partners L.P.
(NYSE: NRP) today announced that FRC-WPP NRP Investment L.P. (FRC), an
affiliate of First Reserve Corporation, plans to sell 4,200,000 subordinated
units of Natural Resource Partners in an underwritten offering pursuant to an
effective registration statement on Form S-3 previously filed with the
Securities and Exchange Commission. FRC will also grant the underwriters an
option to purchase up to 596,920 additional subordinated units.
This is the initial public offering of NRP's subordinated units. Natural
Resource Partners has applied to list the subordinated units on the New York
Stock Exchange.
Natural Resource Partners L.P. will not receive any proceeds from the
offering of the subordinated units by the selling unitholder (FRC). FRC will
pay all expenses relating to this offering, including underwriting discounts
and commissions.
Lehman Brothers and Citigroup are joint book-running managers. In
addition, A. G. Edwards & Sons, Inc.; UBS Investment Bank; Wachovia
Securities; Friedman Billings Ramsey; and Sanders Morris Harris will act as
co-managers in connection with the offering.
A copy of the prospectus supplement and related base prospectus relating
to the offering may be obtained from Lehman Brothers, c/o ADP Financial
Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood,
NY 11717, Telephone: 631-254-7106, or Citigroup, Brooklyn Army Terminal,
140 58th Street, 8th Floor, Brooklyn, NY 11220, Attn: Prospectus Department,
Telephone: 718-765-6732 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 4,200,000 subordinated units and the additional offering
of 596,920 subordinated units. 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
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