LEXINGTON, Ky., May 8, 2024
/PRNewswire/ --
- The Company's principal lender, KeyBank, N.A. ("KeyBank"),
has now led a bank syndicate that increased the Company's overall
credit facility to $275 million (the "Facility"). This
consists of an aggregate revolving commitment of $200
million with an accordion feature for an additional $75
million available upon mutual agreement. The term of the
Facility has also been extended to five years expiring in
2029.
Ramaco Resources, Inc. (NASDAQ: METC, METCB) ("Ramaco" or the
"Company") announced that its principal bank lender, KeyBank, has
amended the Company's existing Revolving Credit Agreement to
increase the overall commitments under the Facility to $200 million. The Facility also provides the
Company an ability to access an additional $75 million through an accordion feature, subject
to its terms and conditions. The commitments under the previous
Facility were $125 million with a
$50 million accordion feature. In
addition, the maturity date was extended from 2026 to 2029.
KeyBank served as Lead Arranger, Sole Book Runner, and
administrative agent for the Facility, while Cadence
Bank served as Syndication Agent. Associated Bank and City
National Bank of West Virginia
both served as Co-Documentation Agents. Two other banking partners
were also part of the overall syndicated Facility.
"We are very pleased to have deepened our banking relationship
with KeyBank and our syndicate partners. We sincerely appreciate
their continued support of our Company through the years since
2018. We view this new Facility as a validation of that
relationship and testimony to our conservative credit culture and
structure," said Randall Atkins,
Ramaco's Chairman and Chief Executive Officer. "The increased
Facility now provides us not only extra financial capacity by its
size but also meaningful financial flexibility by the extension of
the term until 2029. As we look to grow on many fronts, we intend
to continue our prudent financial and debt discipline as we move
ahead. As before, our focus will be on increasing our metallurgical
production profile, returning capital to our shareholders and
advancing our critical mineral rare earth development."
"KeyBank continues to be impressed with Ramaco management team's
ability to execute according to their growth plan," said
Chris Trimbach, Senior Vice
President of KeyBank for Central
Indiana. "We are pleased to upsize our credit facility to
further support that growth and look forward to our continued
partnership."
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is an operator and developer of
high-quality, low-cost metallurgical coal in southern West
Virginia and southwestern Virginia. Its executive offices are
in Lexington, Kentucky, with
operational offices in Charleston, West
Virginia and Sheridan, Wyoming. The Company currently has three
active mining complexes in Central Appalachia and one
mine not yet in production near Sheridan, Wyoming. Contiguous to
the Wyoming mine it operates a research and pilot
facility related to the production of advanced carbon products and
materials from coal. In connection with these activities, it holds
a body of roughly 50 intellectual property patents, pending
applications, exclusive licensing agreements and various
trademarks. News and additional information about Ramaco Resources,
including filings with the Securities and Exchange Commission, are
available at https://www.ramacoresources.com. For more
information, contact investor relations at (859) 244-7455.
View original
content:https://www.prnewswire.com/news-releases/ramaco-resources-inc-announces-increase-and-term-extension-of-revolving-credit-facility-302138953.html
SOURCE Ramaco Resources, Inc.
