Ramaco Resources, Inc.

Ramaco replaced its bank facility with a larger $350 million asset-based revolver (plus a $150 million accordion, so up to $500 million total), adding Truist and Old National Bank as lenders -- its credit facility has now grown roughly 9x since the 2018 original $40 million commitment, reflecting both the coal-reserve buildout and the capital needs of the rare-earth pivot.

debt financing

Ramaco raised $345 million through zero-coupon convertible notes due 2031 -- effectively interest-free financing, reflecting strong investor appetite for the rare-earth story -- paired with capped-call hedges (cost $32.8 million) to limit future share dilution above a $54.56 conversion cap, more than double the stock's $24.25 reference price in the concurrent transaction.

debt financing

Ramaco agreed to buy more Buchanan-area coal reserves and land from the same Coronado-affiliated sellers as its 2021 deal, this time for $15 million cash.

asset acquisition disposition

Ramaco raised about $188 million in a primary stock offering (10.7 million shares at $18.75) specifically to accelerate development of its Brook Mine rare-earth and critical-minerals project -- its first major equity raise since the IPO, priced well above where the stock traded before the PEA results.

material agreement

The over-allotment on the new notes closed (total $65 million raised), and Ramaco used the proceeds to redeem all $34.5 million of its outstanding 9.00% 2026 notes -- fully retiring its original public bond while funding the rare-earth push.

debt financing

Ramaco Resources, Inc.'s exchange filed to remove a class of its securities from listing.

listing compliance notice

The $57 million 8.25% notes offering closed, with proceeds earmarked to retire the 2026 notes and accelerate rare-earth development.

debt financing

the exchange certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice

Ramaco launched a $57 million offering of new 8.25% senior notes due 2030, explicitly to redeem its entire 2026 9.00% notes and to fund the newly-validated Brook Mine rare-earth buildout.

debt financing

Ramaco posted the completed Brook Mine Preliminary Economic Assessment, confirming the 38% pre-tax internal rate of return first flagged a week earlier and adding that early metallurgical (leaching) test results look promising.

resource reserve update

Ramaco disclosed preliminary results of an independent economic study on its Brook Mine rare-earth and critical-minerals project in Wyoming: a pre-tax net present value of $1.2 billion (at an 8% discount rate) and a 38% internal rate of return -- the first hard economics behind what the company calls the largest unconventional U.S. rare-earth deposit, discovered at the site in 2023.

resource reserve update

the exchange certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice

The $50 million 8.375% notes offering closed, adding another rung to Ramaco's bond ladder alongside its 2026 notes.

debt financing

Ramaco launched a new $50 million offering of 8.375% senior notes due 2029, amending its bank facility to accommodate the new bonds.

debt financing

Ramaco dismissed Cherry Bekaert (its third audit relationship in under three years) and hired Grant Thornton, a larger national firm; the filing disclosed a broader material weakness for fiscal 2023 -- a pervasive lack of documented accounting policies and controls -- a more serious finding than the 2022 IT-controls issue, even though the audit opinions themselves were never qualified.

auditor change

Ramaco enlarged its KeyBank-led facility to $275 million - $200 million of firm commitments plus a $75 million accordion - and pushed maturity out to May 2029, with Star Financial and Trustmark joining as lenders and the newly acquired Ramaco Coal business added as a borrower; the money costs about half a percentage point more than under the 2023 agreement.

debt financing

the exchange certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice

Ramaco upsized and extended its bank facility again, to $175 million (with Cadence Bank joining as syndication agent) and a 2026 maturity, drawing $25 million immediately to pay off costlier debt.

debt financing

The Maben Coal acquisition closed for $30 million, funded partly by a new $21 million Investec Bank vendor loan (SOFR+3%, amortizing $800,000/month, maturing September 2024).

asset acquisition disposition

Ramaco agreed to buy Maben Coal LLC, holder of about 33 million tons of high-quality low-volatile met coal reserves in West Virginia, from Appleton Coal for $30 million ($9 million cash plus a $21 million vendor loan from Investec Bank) -- another bolt-on reserve acquisition.

asset acquisition disposition

The Ramaco Coal, LLC purchase from the Yorktown/management-owned seller closed for $65 million (now $10 million upfront, $55 million deferred through 2023) -- the related-party acquisition first disclosed in February went through as approved.

asset acquisition disposition

Ramaco's board approved a related-party deal: its Development subsidiary will pay $65 million ($5 million upfront, $60 million deferred through 2023) to buy Ramaco Coal, LLC from an entity owned by sponsor Yorktown Partners and members of Ramaco's own management -- a special committee of independent directors reviewed and approved the transaction as fair to outside shareholders.

asset acquisition disposition

Ramaco completed the $30 million Buchanan-area purchase, adding about 50 million tons of low/mid-volatile coal reserves, several permitted mines and an idled prep plant near its Berwind Mine -- and in the same announcement declared its first-ever dividend, $0.0567/share, marking the company's transition to a cash-returning producer.

asset acquisition disposition

Ramaco agreed to buy a mine complex in West Virginia/Virginia from Coronado-affiliated sellers (Buchanan Minerals/Buchanan Mining) for $30 million cash -- its first coal-asset acquisition since the IPO.

asset acquisition disposition

The notes offering closed at $34.5 million (with the over-allotment exercised), unsecured and maturing July 2026, with interest paid quarterly.

debt financing

the exchange certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice

Ramaco priced its first public bond, $30 million of 9.00% senior notes due 2026, to fund acquisitions, capital spending and working capital -- a step up from bank debt into the public high-yield market.

material agreement

Ramaco lined up its first institutional credit facility -- a $10 million term loan plus $30 million revolver from KeyBank, maturing 2021 -- giving the newly public coal miner a bank lending relationship to draw on.

debt financing

Ramaco's IPO closed: the reorganization into a public company was completed, and sponsors Yorktown Energy Partners and Energy Capital Partners locked in contractual rights to name a share of the board proportional to their ownership stake, alongside a new charter, bylaws and officer indemnification agreements.

asset acquisition disposition

Ramaco Resources priced its IPO: 6 million shares at $13.50, raising about $43.7 million net, alongside a reorganization converting the founders' Ramaco Development LLC into a wholly owned subsidiary of the new public company. Proceeds will pay off a promissory note to an affiliate and fund development at the Knox Creek and Elk Creek met-coal properties.

asset acquisition disposition

Nasdaq certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice