Milbank, Tweed, Hadley & McCloy LLP has advised certain financial institutions (the “Existing Holders”) holding 9.125% Senior Notes due 2018 (the “Old Notes”) issued by Natural Resources Partners LP (“NRP”), a diversified US company with interests in coal, construction aggregates, and industrial minerals, in connection with a $346 million debt exchange and new offering by NRP to the Existing Holders to extend the maturity of the Old Notes.
Milbank attorneys from the firm’s Financial Restructuring, Capital Markets, Alternative Investments, Corporate, and Tax practice groups acted as counsel to the Existing Holders, a group of five financial institutions holding a majority position in the Old Notes, advising these institutions with respect to a private exchange offer in respect of the Old Notes coupled with a new offering, in each case for new 10.50% Senior Notes due 2022. These transactions were an integral part of a larger recapitalization transaction that included a $250 million equity investment by third parties and an extension of the maturity of NRP’s revolving credit facility.
Milbank attorneys included Dennis Dunne, practice group leader of the firm’s Financial Restructuring Group, Financial Restructuring partner Sam Khalil and associate Michael Price; Capital Markets partner Paul Denaro, special counsel Sam Badawi and associates Bodie Stewart and Kelsey Craig; Alternative Investments partner Al Pisa and associate Brian Lee; Corporate partner Scott Golenbock and associate Daniel Tyrell; and Tax partners Russell Kestenbaum and Andrew Walker and associate David Hanno.
