Natural Resource Partners L.P. (NRP) announced the closing of a public offering of 4.6 million common units. The offering is priced at $25.17 per common unit and includes 576,700 common units sold to the underwriters pursuant to their option to purchase additional common units. Net proceeds from the sale is expected to total $112.5 million.
The company plans to use the proceeds to repay remaining debt under its credit facility, as well as for future acquisitions.
UBS Investment Bank and Barclays Capital are joint book-running managers. Citigroup (C) and Morgan Stanley (MS) are senior co-managers. Madison Williams, RBC Capital Markets and Stifel Nicolaus are co-managers.
Houston, Texas-based Natural Resource Partners L.P. is a master limited partnership that is principally engaged in the business of owning and managing mineral reserve properties. The company owns coal reserves and coal handling and transportation infrastructure in the three major coal producing regions of the United States: Appalachia, the Illinois Basin and the Powder River Basin. In addition, NRP owns and manages aggregate reserves in Arizona, Indiana, Texas, West Virginia and Washington.
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