Natural Resource Partners to Sell Construction Aggregates Business
HOUSTON--(BUSINESS WIRE)--Nov 19, 2018--Natural Resource Partners L.P. (NYSE: NRP) today announced that NRP has signed a definitive agreement to sell its construction aggregates business segment, VantaCore Partners LLC, to an affiliate of Sun Capital Partners, Inc. for $205 million before transaction expenses and customary purchase price adjustments. The closing of the sale is expected to occur by year-end 2018 and is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
“The sale of our construction aggregates business segment will enable NRP to substantially accelerate the de-levering and de-risking of our capital structure and represents an exit from this business,” said Craig Nunez, President and Chief Operating Officer of NRP.
Credit Suisse Securities (USA) LLC is acting as financial advisor to NRP. Vinson & Elkins LLP is acting as legal advisor to NRP.
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns interests in coal, aggregates, and industrial minerals across the United States. A large percentage of NRP’s revenues are generated from royalties and other passive income. In addition, NRP owns an equity investment in Ciner Wyoming, a trona/soda ash operation and owns a construction aggregates company.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, commodity prices; decreases in demand for coal, oil, natural gas, and aggregates and industrial minerals, including trona/soda ash; changes in operating conditions and costs; production cuts by our lessees; unanticipated geologic problems; our liquidity and access to capital and financing sources; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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CONTACT: Natural Resource Partners L.P.
Kathy Roberts, 713-751-7555
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: ENERGY COAL NATURAL RESOURCES MINING/MINERALS OTHER NATURAL RESOURCES CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Natural Resource Partners L.P.
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PUB: 11/19/2018 06:45 AM/DISC: 11/19/2018 06:45 AM