Rhino Resource Partners extends senior secured credit facility to 2017

By Susanna Moon

Chicago, May 24 – Rhino Resource Partners LP said it extended its senior secured credit facility until July 31, 2017.

Under the amendment, the facility will be automatically extended to Dec. 31, 2017 if revolving credit commitments are reduced to $55 million or less by July 31, 2017.

The amendment immediately reduces the revolving credit commitments under the credit facility to a maximum of $75 million and maintains the amount available for letters of credit at $30 million, with further reductions to the revolving credit commitments, according to a company press release.

“The amendment to our existing credit agreement provides us with the opportunity to operate the cash generating assets from our existing platform and further reduce our debt, which we were able to reduce by approximately $13 million last year despite the challenging coal market conditions,” Joe Funk, president and chief executive officer of Rhino’s general partner, said in the press release.

The company said it continues to explore new sales opportunities with the Encore Global Commodities LLC joint venture with ION Carbon & Minerals, LLC, a wholly owned subsidiary of AMCI Holdings, Inc., “which we believe will increase our future cash flows,” Funk noted.

Rhino is an energy limited partnership based in Lexington, Ky., that is focused on coal and energy-related assets and activities, including energy infrastructure investments.

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