Item 8.01. Other Events
On May 4, 2023, Natural Resource Partners L.P. (the "Partnership") received a
notice (the "Notice") from holders of the Partnership's Class A Preferred Units
exercising their right to either convert or redeem, at the election of the
Partnership, an aggregate of 35,834 Class A Preferred Units (the "Subject
Units") pursuant to Section 5.10(h)(iii) of the Fifth Amended and Restated
Agreement of Limited Partnership of the Partnership. After receipt of the
Notice, the Board of Directors elected to redeem the Subject Units for
$35,834,000 in cash, an amount equal to the Liquidation Value of the Subject
Units, plus any accrued and unpaid distributions in respect of the Subject
Units. The Partnership effected the redemption of the Subject Units on May 5,
2023 and funded the redemption payment with cash on hand and borrowings from the
Partnership's revolving credit facility. Following the redemption, the Subject
Units were retired and are no longer outstanding and all rights of the holders
thereof have ceased with respect to the Subject Units. Of the originally issued
250,000 Class A Preferred Units, after giving effect to this redemption and all
prior redemptions, 166,667 Class A Preferred Units remain outstanding.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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