Rhino Resources Issues 1.1M Common Units to Repay Debt

Rhino Resource Partners is a master limited partnership (MLP) that produces coal in various basins throughout the U.S. They also invest in oil and gas acreage in both the Utica and Cana Woodford shale plays. In April MDN told you that Rhino had decided to “flip” 20% of their Utica royalty interests to an undisclosed third party for $10.5 million (see Rhino Flips 20% of Utica Investment to Undisclosed 3rd Party).

Yesterday Rhino issued another brief press statement–this one stating they are issuing a public offering of 1.1 million shares of common units (rough equivalent of stock). They’re issuing the new units in order to pay off loans they previously borrowed under their revolving line of credit. No word on how much money they hope to raise…

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