Rhino enters amended, restated facility, cuts capacity to $200 million

By Tali Rackner

Norfolk, Va., March 25 - Rhino Resource Partners LP wholly owned subsidiary Rhino Energy LLC entered into an amendment to its amended and restated credit agreement on March 19 with PNC Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

The amendment reduces the borrowing capacity under the credit agreement to a maximum of $200 million and changes Rhino Resource's and its consolidated subsidiaries' maximum leverage ratio as follows: 3.5 to 1 for the period of Jan. 1 through Sept. 30, 2015; 3.25 to 1 for Oct. 1, 2015 through Dec. 31, 2015; and 3 to 1 for each fiscal quarter thereafter.

In addition, the amendment adjusts the maximum investments in hydrocarbons, hydrocarbon interests and assets and activities related to hydrocarbons, in each case, excluding coal, in a total amount up to $50 million.

The amendment allows the company to sell certain assets per the purchase agreement with Gulfport Energy Corp.

PNC Capital Markets and Union Bank, NA are joint lead arrangers and joint bookrunners; Union Bank, NA is the syndication agent; Raymond James Bank, FSB, Wells Fargo Bank, NA and Huntington National Bank are the co-documentation agents.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.