Natural Resource Partners LP (NYSE: NRP) has priced an underwritten public offering of 8,500,000 common units representing limited partner interests in NRP at $12.02 per common unit in an offering registered under the Securities Act of 1933, as amended.
Corbin J. Robertson Jr., NRP's chairman and CEO, and certain members of his family and his and their affiliates are expected to purchase up to a total of 1,039,933 common units in the offering, and the underwriters will receive no discount or commission on any common units purchased by them.
In connection with the offering, NRP granted the underwriters a 30-day option to purchase up to 1,275,000 additional common units. NRP intends to use the net proceeds of approximately $100.7 million from this offering, including its general partner's proportionate capital contribution, to fund a portion of the purchase price of the pending acquisition of non-operated working interests in oil and gas assets located in the Bakken/Three Forks play from an affiliate of Kaiser-Francis Oil Co.
Citigroup, Wells Fargo Securities, BofA Merrill Lynch, and UBS Investment Bank are acting as joint book-running managers and Stifel and BB&T Capital Markets are acting as co-managers of the offering.