Rhino Energy obtains $80 million three-year multi-draw term loan

By Wendy Van Sickle

Columbus, Ohio, Dec. 29 – Rhino Energy LLC entered into an amended and restated $80 million senior multi-draw term loan facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The total principal amount is divided between $40 million that was available immediately and a$40 million delayed-draw commitment that is contingent upon the satisfaction of certain conditions.

Borrowings bear interest at Libor plus 1,000 basis points or 1,300 bps if the company chooses to capitalize an interest payment under a PIK option. There is a 1% Libor floor.

Cortland Capital Market Services LLC acted as collateral agent and administrative agent and CB Agent Services LLC as origination agent.

The term loan matures on Dec. 27, 2020.

Proceeds will be used to refinance an existing credit agreement and to fund working capital.

Rhino Resource operates both surface and underground mines in Colorado, Kentucky, Ohio and West Virginia and is based in Lexington, Ky.

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