Ramaco Resources, Inc. Announces Increase and Term Extension of Revolving Credit Facility
May 08, 2024 at 05:30 pm IST
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Ramaco Resources, Inc. announced that its principal bank lender, KeyBank, has amended the Company's existing Revolving Credit Agreement to increase the overall commitments under the Facility to $200 million. The Facility also provides the Company an ability to access an additional $75 million through an accordion feature, subject to its terms and conditions. The commitments under the previous Facility were $125 million with a $50 million accordion feature.
In addition, the maturity date was extended from 2026 to 2029. KeyBank served as Lead Arranger, Sole Book Runner, and administrative agent for the Facility, while Cadence Bank served as Syndication Agent. Associated Bank and City National Bank of West Virginia both served as Co-Documentation Agents.
Two other banking partners were also part of the overall syndicated Facility.
Ramaco Resources, Inc. is a metallurgical coal company. The Company operates and develops metallurgical coal in southern West Virginia and southwestern Virginia. Its development portfolio primarily includes four properties: Elk Creek, Berwind, Knox Creek, and Maben. Its operations include six active mines at its Elk Creek mining complex, three active mines at its Berwind mining complex, two active mines at its Knox Creek mining complex, and one active mine at its Maben mining complex. The Elk Creek property consists of approximately 20,200 acres of controlled mineral rights and contains approximately 16 seams that it has targeted for production. The Berwind property consists of approximately 62,500 acres of controlled mineral rights. The Knox Creek Complex includes a preparation plant and 64,050 acres of controlled mineral rights. The Maben property is located in southern West Virginia and consists of approximately 28,000 acres of controlled mineral rights.