Ramaco Resources, Inc. Announces Upsized Revolving Credit Facility
Summary
At closing, the Company used a drawing under the Facility to prepay a portion of higher interest purchase notes issued in connection with previous reserve acquisitions, as well as for general working capital purposes. We also deeply appreciate their continued support of our Company as well as validation of our conservative credit structure," said Randall Atkins, Ramacos Chairman and Chief Executive Officer. "The amended facility, which is over three times larger than our previous revolver, significantly enhances our liquidity to better manage our increasing working capital requirements. KeyBank feels that Ramaco possesses a high-quality management team that has proven successful in growing their business, and we look forward to partnering with the Company for many years to come. In connection with these activities, it holds a body of roughly 50 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks.