Natural Resource Partners redeems 12% PIK convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, Feb. 9 – Natural Resource Partners LP has redeemed at par all 19,321 of its paid-in-kind 12% class A convertible preferred units for $19.6 million in cash in accordance with their terms, according to a news release.

Following the redemption, no PIK preferred units remain outstanding and $250 million of 12% class A convertible preferred units remains outstanding.

Houston-based Natural Resource Partners mainly engages in owning and managing mineral reserve properties, primarily coal, aggregate and oil and gas reserves.

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