SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): October 3, 2011
 
NATURAL RESOURCE PARTNERS L.P.
(Exact name of registrant as specified in its charter)
         
Delaware   001-31465   35-2164875
(State or other jurisdiction   (Commission File   (I.R.S. Employer
of incorporation or organization   Number)   Identification No.)
     
601 Jefferson, Suite 3600    
Houston, Texas   77002
(Address of principal executive   (Zip code)
offices)    
Registrant’s telephone number, including area code: ( 713) 751-7507
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.03. Creation of a Direct Financial Obligation.
Issuance of Senior Notes
     On October 3, 2011, NRP (Operating) LLC, a wholly owned subsidiary of Natural Resource Partners L.P., issued $50 million of 5.18% Series K Senior Notes that mature on December 1, 2026. The senior notes were issued pursuant the Fourth Supplement to Note Purchase Agreements, dated April 20, 2011. The proceeds from the issuance of the notes will be used to fund future acquisitions, including the remaining balance of the Hillsboro acquisition from the Cline Group.
     The Series K notes have semi-annual interest payments beginning December 1, 2011 and equal annual principal payments starting December 1, 2014. The senior notes are unsecured and are guaranteed by subsidiaries of NRP Operating. This completes the private placement of senior notes announced in April 2011.
     The Fourth Supplement to Note Purchase Agreements was filed as Exhibit 4.1 to the Current Report on Form 8-K on April 21, 2011. The form of Series K Senior Note is attached to this Form 8-K as Exhibit 4.1. The press release announcing the issuance of the notes is attached to this Form 8-K as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
      (c) Exhibits
         
  4.1    
Form of Series K Note
  99.1    
Natural Resource Partners L.P. press release dated as of October 3, 2011.

 


 

SIGNATURES
      Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
             
    NATURAL RESOURCE PARTNERS L.P.
(Registrant)
   
 
           
 
  By:   NRP (GP) LP    
 
      its General Partner    
 
           
 
  By:   GP Natural Resource Partners LLC    
 
      its General Partner    
 
           
 
      /s/ Wyatt L. Hogan
 
Wyatt L. Hogan
   
 
      Vice President and General Counsel    
     Dated: October 3, 2011

 

Exhibit 4.1
[Form of Series K Note]
NRP (Operating) LLC
5.18% Senior Note, Series K, Due December 1, 2026
     
 
   
No. RK— [_____]
  [Date]
$[____________]
  PPN 62963# AL5
      For Value Received , the undersigned, NRP (Operating) LLC (herein called the “Company” ), a limited liability company organized and existing under the laws of the State of Delaware, hereby promises to pay to [________________], or registered assigns, the principal sum of [________________] Dollars on December 1, 2026, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 5.18% per annum from the date hereof, payable semi-annually, on the 1st day of June and December in each year, commencing with the June or December next succeeding the date hereof (except that the first interest payment hereon after the date of initial issuance hereof shall be December 1, 2011), until the principal hereof shall have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Supplement referred to below), payable semi-annually, as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 7.18% or (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time to time in New York, New York as its “base” or “prime” rate.
     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Citibank, N.A. or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreements.
     This Note is one of a series of Senior Notes (herein called the “Notes” ) issued pursuant to that certain Fourth Supplement dated as of April 20, 2011 (as from time to time amended and supplemented, the “Supplement” ) to Note Purchase Agreements, dated as of June 19, 2003, as from time to time amended and supplemented, between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreements and (ii) to have made the representation set forth in Section 14(b) of the Supplement.
     This Note is a registered Note and, as provided in the Note Purchase Agreements, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the

 


 

purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
     The Company will make required prepayments of principal on the dates and in the amounts specified in the Supplement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Supplement, but not otherwise.
     If an Event of Default, as defined in the Note Purchase Agreements, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount (as defined in the Supplement)) and with the effect provided in the Note Purchase Agreements.
     This Note is guaranteed pursuant to the Subsidiary Guarantee dated June 19, 2003 as, from time to time, supplemented and amended.
     This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of law of such State that would require the application of the laws of a jurisdiction other than such State.
         
  NRP (Operating) LLC
 
 
  By      
    Name:      
    Title:      
 

 

Exhibit 99.1
     
Natural Resource Partners L.P.
601 Jefferson St., Suite 3600, Houston, TX 77002
  (NRP LOGO)
 
   
NEWS RELEASE
   
Natural Resource Partners L.P.
Completes Private Placement of Senior Notes
HOUSTON, October 3, 2011 Natural Resource Partners L.P. (NYSE:NRP) today announced that its wholly owned operating subsidiary NRP (Operating) LLC has completed the previously announced private placement of $50 million of senior unsecured notes (Series K). Proceeds from the senior notes will be used to fund future acquisitions, including the remaining balance of the Hillsboro acquisition.
The Series K notes have semi-annual interest payments beginning December 1, 2011 and equal annual principal payments starting December 1, 2014. This completes the private placement of senior notes announced in April 2011.
Company Profile
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is principally engaged in the business of owning and managing mineral reserve properties. NRP primarily owns coal, aggregate and oil and gas reserves across the United States that generate royalty income for the partnership.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or kroberts@nrplp.com. Further information about NRP is available on the partnership’s website at www.nrplp.com.
11-20
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