Chicago, July 8 – Ramaco Resources, Inc. announced the sale of an upsized offering of $30 million of $25-par notes due 2026 with a 9% coupon, according to a press release.
The offer was announced at $25 million.
The underwriters have an option to purchase an additional $4.5 million of notes for 30 days.
The notes can be redeemed early at par, plus interest, starting July 30, 2023.
B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC will act as joint bookrunning managers. Aegis Capital Corp., Benchmark Co., LLC and B.C. Ziegler & Co. will act as co-managers.
Proceeds will be used for general corporate purposes, including funding future acquisitions and investments, making capital expenditures and funding working capital.
Ramaco has applied to list the notes on the Nasdaq Global Select Market under the symbol “METCL.”
Ramaco is an operator and developer of metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. It is based in Lexington, Ky.
| Issuer: | Ramaco Resources, Inc.
|
| Issue: | Notes
|
| Amount: | $30 million
|
| Greenshoe: | $4.5 million
|
| Maturity: | July 30, 2026
|
| Bookrunners: | B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC
|
| Co-managers: | Aegis Capital Corp., Benchmark Co., LLC and B.C. Ziegler & Co.
|
| Coupon: | 9%
|
| Price: | Par of $25.00
|
| Yield: | 9%
|
| Call features: | At par plus interest starting July 30, 2023; or upon change of control
|
| Trade date: | July 8
|
| Settlement date: | July 13
|
| Distribution: | SEC registered
|
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