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Alliance Resource Partners (NASDAQ: ARLP) announced the pricing of a $400 million private offering of 8.625% senior unsecured notes due 2029.
The notes are set to be issued at par and the offering is expected to close by June 12, 2024, pending customary conditions.
Proceeds will be used to redeem outstanding 7.5% senior notes due 2025 and for general corporate purposes.
A conditional notice of redemption for the 2025 notes has already been delivered, with a redemption date expected around June 28, 2024.
The new notes will not be registered under the Securities Act and will be offered only to qualified institutional buyers and persons outside the U.S.
Alliance Resource Partners (NASDAQ: ARLP) announced that its intermediate partnership, Alliance Resource Operating Partners (AROP), along with Alliance Resource Finance , plans to offer $400 million in senior unsecured notes due 2029 in a private placement, subject to market conditions. AROP intends to use part of the proceeds to redeem its 7.5% Senior Notes due 2025 and the rest for general corporate purposes. A conditional notice of redemption has been delivered for the 2025 Notes, with the redemption date set for June 28, 2024. The new notes will be offered only to qualified institutional buyers and persons outside the U.S., and won't be registered or listed on any securities exchange.
Alliance Resource Partners, L.P. (ARLP) received an update from Stonegate Capital Partners, with key takeaways including a 2.4% y/y increase in volumes, $284.6M of debt payments expected in FY24, and promising alternative revenue streams.
Alliance Resource Partners, L.P. (NASDAQ: ARLP) reported solid financial results for the first quarter of 2024, despite decreased total revenues of $651.7 million compared to the 2023 Quarter. However, quarterly cash distributions stood at an impressive $0.70 per unit. These results were primarily impacted by a decrease in average coal sales prices and increased total operating expenses. The good news is, EBITDA for the quarter stood at $235.0 million which is a positive aspect, showing healthy financial performance. The liquidity position improved to $551.3 million, with a strong cash position of $134.0 million. In a positive move, the company reiterated its 2024 guidance, and the CEO emphasized the significance of the heavily contracted coal order book and continued growth in the Oil & Gas Royalties business, setting the stage for another robust year. However, there were certain negative aspects, the company experienced a decrease in total adjusted EBITDA and net income compared to the 2023 Quarter. They also reported a slight increase in Segment Adjusted EBITDA Expense per ton in some coal operations.
Alliance Resource Partners, L.P. (NASDAQ: ARLP) announced a quarterly distribution of $0.70 per unit for the 2024 Quarter, consistent with previous quarters, payable on May 15, 2024.