Ramaco Resources’ principal bank lender, KeyBank, amended the company’s existing revolving credit agreement to increase the overall commitments under the facility to $500 million, including a $350 million revolving commitment and a $150 million accordion feature. The commitments under the previous facility were $200 million with a $75 million accordion feature. In addition, the maturity date was extended from 2029 to 2030.
This enhanced financial flexibility signifies an important milestone that supports the company’s long-term growth objectives, and with other financing in H2/25, represents almost $1 billion of capital market and banking transactions by Ramaco since this August.
KeyBank served as the administrative agent, and KeyBank and Truist served as joint lead arrangers and joint book runners for the facility, while Truist served as syndication agent. Associated Bank and Old National Bank served as co-documentation agents. Other banking partners Morgan Stanley, Goldman Sachs, Texas Capital, STAR Financial and Trustmark are also part of the overall syndicated facility.
“We appreciate our strengthened partnership with KeyBank and value the key players in our expanded syndicate,” Randall Atkins, chairman and CEO of Ramaco, said. “We sincerely appreciate KeyBank’s continued support of our company since 2018. The new facility increases our overall credit capacity to $500 million and extends the term to 2030, providing us with significant financial flexibility. This solid foundation enables us to continue disciplined growth in our metallurgical coal business, return capital to shareholders, and to advance our Brook Mine critical mineral and rare earth development. We believe the amended credit facility enhances our ability to create long-term value for our investors.”
