HOUSTON--(BUSINESS WIRE)--Natural Resource Partners L.P. (NYSE: NRP) today announced that it has redeemed at par all 19,321 of its paid-in-kind 12.0% Class A Convertible Preferred Units for $19.6 million in cash in accordance with their terms and including accrued interest. Following the redemption, no paid-in-kind preferred units remain outstanding and $250 million of 12.0% Class A Convertible Preferred Units remains outstanding.
Additionally, the Board of Directors of its general partner declared a fourth quarter 2021 distribution of $0.45 per common unit for NRP. The distribution will be paid on February 28, 2022 to common unitholders of record on February 22, 2022.
The Board also declared a fourth quarter cash distribution on NRP’s 12.0% Class A Convertible Preferred Units totaling $7.5 million.
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Ciner Wyoming LLC, one of the world’s lowest-cost producers of soda ash.
Withholding Information for Foreign Investors
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.