KeyBank amended Ramaco Resource’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.
KeyBank served as lead arranger, sole bookrunner 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.
“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,” Randall Atkins, chairman and CEO of Ramaco, said. “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.”
“KeyBank continues to be impressed with Ramaco management team’s ability to execute according to their growth plan,” Chris Trimbach, senior vice president of KeyBank for Central Indiana, said. “We are pleased to upsize our credit facility to further support that growth and look forward to our continued partnership.”
