17 Feb 2023debt financing▲ GoodMajor
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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2022dividend declaration▲ Good
Ramaco raised its quarterly dividend 10% to $0.1250/share, continuing the cash-return program it started a year earlier.
26 Sept 2022asset acquisition disposition▲ GoodMajor
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).
8 Aug 2022asset acquisition disposition▲ GoodMajor
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.
29 Apr 2022asset acquisition disposition● NeutralMajor
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.
20 Apr 2022auditor change▼ Bad
Ramaco dismissed Crowe as its auditor after only three months and hired MCM CPAs & Advisors; the filing also disclosed a material weakness in the company's IT-related internal controls for fiscal 2021 -- the company's first disclosed control weakness, though it did not cause any misstated financials.
24 Feb 2022asset acquisition disposition● NeutralMajor
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.
24 Jan 2022auditor change● Neutral
Ramaco's auditor Briggs & Veselka was absorbed into Crowe LLP, so Crowe became the company's new independent auditor -- a routine handoff with no disagreements and no issues raised on the prior audits.
9 Dec 2021asset acquisition disposition▲ GoodMajor
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.
2 Nov 2021debt financing▲ Good
Ramaco increased its KeyBank revolving credit line by $10 million to $40 million and extended its maturity to December 2024, with nothing drawn at the time.
26 Oct 2021asset acquisition disposition▲ GoodMajor
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.
2 Aug 2021material agreement termination▲ Good
Ramaco's $8.4 million pandemic-era Paycheck Protection Program loan from KeyBank was approved for full forgiveness by the SBA, closing out the 2020 COVID relief borrowing at no net cost to the company.
13 July 2021debt financing● NeutralMajor
The notes offering closed at $34.5 million (with the over-allotment exercised), unsecured and maturing July 2026, with interest paid quarterly.
13 July 2021listing compliance notice▲ GoodMajor
the exchange certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.
12 July 2021material agreement● NeutralMajor
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.
23 Mar 2021material agreement▲ Good
Ramaco loosened a covenant in its KeyBank credit facility to let growth capital spending count favorably toward its debt-coverage ratio test through 2021, giving it more room to fund expansion plans, and added standard language preparing for LIBOR's retirement.
6 Nov 2018debt financing▲ GoodMajor
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.
14 Feb 2017asset acquisition disposition▲ GoodMajor
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.
7 Feb 2017asset acquisition disposition▲ GoodMajor
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.
1 Feb 2017listing compliance notice▲ GoodMajor
Nasdaq certified Ramaco Resources, Inc.'s securities for listing, clearing them to begin trading.