Ramaco Resources greenshoe lifts 9% $25-par notes to $34.5 million

By Wendy Van Sickle

Columbus, Ohio, July 13 – Underwriters for Ramaco Resources, Inc.’s 9% $25-par notes due 2026 fully exercised their $4.5 million greenshoe, increasing the total deal size to $34.5 million, according to a news release.

The company priced an upsized $30 million of the notes on July 8, after the offer was announced at $25 million.

The notes can be redeemed at par, plus interest, starting July 30, 2023.

B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC acted as joint bookrunning managers. Aegis Capital Corp., Benchmark Co., LLC and B.C. Ziegler & Co. acted 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.

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