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- Ramaco Resources, Inc. (NASDAQ:METC) ("Ramaco" or the "Company") announced today, in a separate press release, its intention to offer, in an underwritten public offering, subject to market and other conditions, $300,000,000 aggregate principal amount of convertible senior notes due 2031 (the "notes"), plus up to an additional $45,000,000 aggregate principal amount of notes that the underwriters of the notes offering have the option to purchase from Ramaco solely to cover over-allotments.
Concurrently with the offering of the notes, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, acting on behalf of themselves and/or their affiliates (in such capacity, the "delta offering underwriters"), intend to offer, in a separate, underwritten public offering, a number of shares of Ramaco's Class A common stock, par value $0.01 per share ("Class A common stock"), borrowed from non-affiliate third parties (the "concurrent delta offering"), to facilitate hedging transactions by some of the purchasers of the notes. The number of shares of Class A common stock subject to the concurrent delta offering will be determined at the time of pricing of the concurrent delta offering and is expected to be no greater than the commercially reasonable initial short positions of such hedging investors in the notes. The completion of the offering of the notes is contingent on the completion of the concurrent delta offering, and the completion of the concurrent delta offering is contingent on the completion of the offering of the notes. Ramaco will not receive any proceeds from sales by the delta offering underwriters in the concurrent delta offering, and no new shares of Ramaco's Class A common stock will be issued in the concurrent delta offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any Class A common stock in the concurrent delta offering.
Posted In: METC
