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4-Traders Homepage  >  Equities  >  Nyse  >  Natural Resource Partners LP    NRP

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8.51 USD   -2.63%
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Natural Resource Partners Buys Interest in Wyoming Soda-Ash Producer for $292.5 Million

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01/24/2013 | 12:06am CET
   By Debbie Cai 
 

Natural Resource Partners LP (>> Natural Resource Partners LP) has paid $292.5 million for an interest in OCI Wyoming LP, as well as some shares of the soda-ash producer from units of Anadarko Petroleum Corp. (>> Anadarko Petroleum Corporation).

NRP, which mainly owns coal, aggregate and oil and gas reserves in the U.S., said it bought a 48.51% general partner interest in OCI Wyoming; and 20% of the common shares and all of the preferred shares from Anadarko subsidiaries. NRP paid a net $292.5 million for the interests, after normal closing adjustments to the purchase price of $310 million.

The deal includes an earn-out provision, requiring NRP to pay Anadarko up to $50 million, on a net present value basis, over a three-year period if OCI Wyoming achieves specified revenue targets during that period.

NRP funded the purchase through a $200 million term loan, the issuance of $76.5 million in equity, including a general partner contribution of $1.5 million, and $16 million in cash.

OCI Wyoming, a subsidiary of South Korea's OCI Co. (>> Oci Co Ltd) that manufactures chemical products in the renewable energy sector, is the world's fifth-largest producer of soda ash. It operates a trona ore mining operation and a soda ash refinery in Green River, Wyo.

NRP, which has a market capitalization of $2.35 billion, said it expects the transaction to be accretive to cash flow this year in a range of 18 cents to 22 cents a unit.

In November, NRP said it swung to a third quarter profit as coal production increased and coal royalty revenues rose.

Shares closed at $22.12 and were unchanged after hours. The stock is down 22% over the past 12 months.

Write to Debbie Cai at debbie.cai@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2016 408 M
EBIT 2016 202 M
Net income 2016 108 M
Debt 2016 1 072 M
Yield 2016 4,43%
P/E ratio 2016 5,00
P/E ratio 2017 5,39
EV / Sales 2016 3,84x
EV / Sales 2017 4,10x
Capitalization 497 M
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Consensus 
Mean consensus HOLD
Number of Analysts 6
Average target price 29,0 $
Spread / Average Target -29%
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Managers
NameTitle
Corby J. Robertson Chairman & Chief Executive Officer
Wyatt L. Hogan President & Chief Operating Officer
Craig W. Nunez Chief Financial Officer & Treasurer
S. Reed Morian Director
Robert B. Karn Independent Director
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