Business
Ramaco Resources, Inc. Announces Increase and Term Extension of Revolving Credit Facility
LEXINGTON, Ky., May 8, 2024 /PRNewswire/ -- The Company's principal lender, KeyBank, N.A. ("KeyBank"), has now led a bank syndicate that increased the
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., May 8, 2024 /PRNewswire/ --\n\nThe 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.\nKeyBank 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.\n\"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.\"\n\"KeyBank continues to be impressed with Ramaco management team's ability to execute according to their growth plan,\" said Chris Trimbach, Senior Vic...