Ramaco Resources ups credit facility to $275M, declares $0.1375/$0.2376 dividends

Ramaco Resources, Inc.

Amended credit facility increased to $275M ($200M revolver + $75M accordion), maturing May 3, 2029; adds Ramaco Coal, LLC as borrower.
Dividend of $0.1375 per Class A and $0.2376 per Class B share, payable June 15, 2024 to holders of record June 1, 2024.
Interest at base rate plus 2.00% or SOFR plus 2.50%; maintains fixed charge coverage ratio covenant of 1.10:1.00.
Amendment revises collateral definitions, capital distribution restrictions, and requires subsidiary guarantors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ramaco Resources, Inc. amended First Amendment Agreement with KeyBank National Association, Cadence Bank, Associated Bank, National Association, City National Bank, Star Financial Bank, Trustmark National Bank valued at $275.0 million (effective 2024-05-03).

Action: amendment
Agreement: credit facility
Counterparty: KeyBank National Association, Cadence Bank, Associated Bank, National Association, City National Bank, Star Financial Bank, Trustmark National Bank
Value: $275.0 million
Effective: 2024-05-03

Exact text from the filing

On May 3, 2024, Ramaco Resources, Inc. (the “Company”) entered into a First Amendment Agreement (the “First Amendment Agreement”) by and among the (i) the Company, Ramaco Development, LLC, RAM Mining, LLC, Ramaco Coal Sales, LLC, Ramaco Resources, LLC, Ramaco Resources Land Holdings, LLC, Ramaco Coal, Inc., Maben Coal LLC, Carbon Resources Development, Inc., and Ramaco Coal, LLC; (ii) KeyBank National Association, as administrative agent and lender; (iii) Cadence Bank, as lender, (iv) Associated Bank, National Association, as lender; (v) City National Bank, as lender; (v) Star Financial Bank, as lender; and (iv) Trustmark National Bank, as lender.

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Ramaco Resources, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-058692

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