In an effort to repay its outstanding revolving credit facility and a portion of a $200 million loan secured as part of its OCI Wyoming acquisition in January of this year, Natural Resource Partners (NYSE:NRP) announced today it will issue $300 million in senior notes due in 2021.
Natural Resource Partners will offer the notes as part of a private placement, the company said, to qualified institutional investors and those living outside the U.S. The newly issued notes will be made available "subject to market, and other conditions," according to Natural Resource Partners statement.
At the end of 2013's second quarter, Natural Resource Partners reported slightly under $1.1 billion in long-term debt on its balance sheet.
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