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Natural Resource Partners L.P. has reported the pricing of its private offering of $300 million aggregate principal amount of 9⅛% senior notes due 2018.
The notes were sold at an issue price of 99.007% of par, which equates to an effective yield to maturity of 9⅜%. NRP intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and to repay a portion of the $200 million term loan entered into in connection with the OCI Wyoming acquisition.
The offering is expected to close on September 18, 2013, subject to customary closing conditions.