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Rhino Resource amends $80M financing agreement, delays maturity by 2 years

Rhino Resource Partners LP executed an amendment to its existing $80 million financing agreement with Colbeck Capital Management LLC and extended the previous maturity date by two years.

The financing agreement's maturity date was extended to Dec. 27, 2022, according to a Sept. 13 release.

The amendment also includes a $5 million delayed draw per the existing terms of the agreement in addition to the $5 million delayed draw completed with the partnership's acquisition of Blackjewel LLC's assets. Rhino still has $25 million in delayed draws remaining under the agreement.

Rick Boone, president and CEO of Rhino's general partner, said in the release that the extension demonstrates a strong balance sheet and a long-term commitment by Colbeck Capital. The $5 million draw on the company's facility will provide enough liquidity to capitalize and refurbish the metallurgical assets from Blackjewel and the company's plan to grow its existing assets, he said.