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Rhino Energy enters amended, restated $300 million revolving facility
By Jennifer Chiou
New York, Aug. 4 - Rhino Energy LLC entered into an amended and restated $300 million senior secured revolving credit facility on July 29, according to an 8-K filing with the Securities and Exchange Commission.
The wholly owned subsidiary of Rhino Resource Partners LP said that PNC Bank, NA was the administrative agent with PNC Capital Markets and Union Bank, NA as joint lead arrangers and joint bookrunners.
Union Bank, NA was syndication agent, and Raymond James Bank, FSB, Wells Fargo Bank, NA and Huntington National Bank were co-documentation agents.
The revolving facility has a $75 million sublimit for letters of credit and a $25 million sublimit for swingline loans, the filing said.
Also, the company may request an increase of up to $50 million.
Rhino stated that the proceeds are available for general partnership purposes.
Obligations under the agreement are secured by substantially all of the partnership's assets, including the equity interests in its subsidiaries.
Borrowings will bear interest at Libor plus 250 basis points to 325 bps depending on leverage.
Letter-of-credit fees amount to 250 bps to 324 bps depending on the consolidated leverage ratio.
There is an unused fee of 37.5 bps to 50 bps per year, also dependent on leverage.
Financial covenants include a maximum leverage ratio of debt to trailing four quarters EBITDA of 3:1 and a minimum interest coverage ratio of EBITDA to interest expense for the trailing four quarters of 4:1.
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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