Business Context and Reporting Period
Company: Natural Resource Partners L.P. (NYSE: NRP)
Filing Type: Form 8-K (Current Report)
Date of Report: September 19, 2003
Event: Issuance of additional senior unsecured notes by NRP (Operating) LLC.
Key Financial Metrics
Debt Issuance: $50 million in senior unsecured notes issued via private placement.
Use of Proceeds: Repayment of borrowings under the existing credit facility.
Note Structure:
- $10 million at 5.55% due 2023 (10-year average life)
- $30 million at 4.91% due 2018 (7.5-year average life)
- $10 million at 5.55% due 2013
Historical Context: This issuance is in addition to $125 million of senior notes issued to the same investors on June 19, 2003.
Revenue, Profit, Cash Flow, Margins, Liquidity: The filing text does not provide a clear value for these metrics.
Material Changes
The primary material change is the increase in long-term debt obligations by $50 million, offset by a corresponding reduction in short-term borrowings under the credit facility. No other material changes to operations or financial position are detailed in this specific report.
Outlook, Risks, and Management Commentary
Management Activity: Nick Carter, President and Chief Operating Officer, is scheduled to participate in a panel discussion on the financing of the coal industry at the Coal Marketing Days Conference on September 23, 2003.
Regulation FD: Information regarding the conference and associated slideshow is not deemed "filed" for Section 18 purposes.
Risks/Contingencies: The filing does not explicitly detail new risks or contingencies beyond the standard obligations of the new debt issuance.
Investor Verification Checklist
- Verify the exact terms and covenants of the $50 million senior notes issued on September 19, 2003.
- Confirm the reduction in the existing credit facility balance resulting from the use of proceeds.
- Review the total outstanding debt load following the June 19, 2003 ($125 million) and September 19, 2003 ($50 million) issuances.
- Check the company website (www.nrplp.com) for the slideshow presented at the Coal Marketing Days Conference for additional management commentary.