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Oxford Resource to list in New York
Posted on Thursday, 25 March 2010 15:19
Oxford Resource Partners, a US low cost producer of high value steam coal, is planning to raise USD 250.00 million by way of an initial public offering on the New York Stock Exchange under the symbol OXF.
The Ohio-based miner, which has reserves and operations in northern Appalachia and the Illinois basin, has filed a preliminary document with the Securities and Exchange Commission to list under the symbol OXF.
Proceeds will be used to pay down debt and for working capital purposes.
Barclays Capital and Citi will serve as lead book-running managers of this offering, the details of which are yet to be determined.
Oxford Resource was formed in August 2007 by American Infrastructure MLP Fund, and founders Charles Ungurean and Thomas Ungurean, who established Oxford Mining Company in 1985 and transferred their interests in this unit to the Delaware limited partnership.
The group claims to be the largest producer of surface mined coal in Ohio, serving the markets of Illinois, Indiana, Kentucky, Ohio, Pennsylvania and West Virginia.
It currently has 19 active surface mines that are managed as eight mining complexes, and it sells its products mainly to large utilities with coal-fired, base-load scrubbed power plants under long-term coal sales contracts.
These sales contracts are in place for 2010, 2011, 2012 and 2013 and represent 97.2 per cent, 93.0 per cent, 71.4 per cent and 39.7 per cent, respectively, of its 2010 estimated coal sales of 8.50 million tonnes.
In the financial year ended 31st December 2009 Oxford Resource generated adjusted earnings before interest, tax, depreciation and amortisation of USD 50.80 million on revenue of USD 293.84 million compared with USD 20.35 million on sales of USD 230.49 million in FY 2008.
The group booked net profit attributable to unitholders of USD 23.50 million for the period against a loss of USD 2.48 million a year earlier.
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