Rhino Resource Partners Prices Common Units Offering

(RTTNews) - Rhino Resource Partners LP (RNO) said Tuesday that it has priced its public offering of 1.1 million common units representing limited partner interests in Rhino at a price to the public of $12.30 per common unit.

Rhino expects the offering to close on September 13.

The company expects to receive net proceeds of about $12.6 million, after deducting the underwriting discount and estimated offering expenses, and the general partner's proportionate capital contribution of about $0.3 million.

Rhino has granted the underwriter a 30-day option to purchase up to 165,000 additional common units.

The company plans to use the net proceeds from the offering, and the related capital contribution by its general partner, to repay borrowings outstanding under its revolving credit facility. If the underwriter exercises its option to purchase additional common units, Rhino intends to use the additional net proceeds and related capital contribution by its general partner to repay borrowings outstanding under its revolving credit facility.