Bowie Resources, LLC Completes Debt Financing with White Oak Global Advisors,
LOUISVILLE, Ky., March 26, 2013
LOUISVILLE, Ky., March 26, 2013 /PRNewswire/ -- Bowie Resources, LLC ("Bowie")
a Louisville, Kentucky based mining company, announced it recently completed a
$62 million debt financing with White Oak Global Advisors, LLC of San
Francisco, California ("White Oak"). The proceeds of the new credit facility
were used to retire the senior secured debt provided to Bowie by Mercuria
Energy Trading ("Mercuria") in 2011, as well as to redeem other Mercuria
John Siegel, a Bowie principal, said, "White Oak's investment strategy seemed
to be a congruent fit for us given our mission to grow our production
footprint in the western bituminous coal region, and elsewhere. We are
excited to welcome White Oak as our new lender and partner and we are
convinced that White Oak will be an invaluable associate as we seek to expand
the Bowie brand."
Siegel went on to say, "Our relationship with Mercuria remains strong and we
are grateful for all that Mercuria did to help Bowie return to the level of
excellence and longwall productivity and dependability that had been its
hallmark for the better part of the last decade. We will continue to work
with Mercuria, and others, in an effort to seek new markets, especially export
Bowie currently owns a five million ton per year longwall operation in Delta
County, Colorado, which produces super compliance, low sulfur bituminous
coal. Bowie's largest customer, the Tennessee Valley Authority, currently
takes three million tons per year under a multi-year contract. Bowie also has
an arrangement involving Metropolitan Stevedore Company, in conjunction with
Mercuria, for export capacity at the Port of Stockton in Stockton, California.
Through this agreement, Bowie currently has annual throughput capacity at
Stockton of one million tons and hopes to increase that capacity significantly
by mid-2014. Siegel said, "We also continue to work on additional west coast
throughput capacity opportunities."
Bowie's affiliate company, Bowie Refined Coal, LLC, recently completed the
acquisition of ten qualified §45 Refined Coal Facilities from Headwaters, Inc.
of Salt Lake City, Utah.
White Oak, an SEC-registered investment advisor established in 2007, is the
investment manager to various investment funds and separately managed
accounts. White Oak's primary investment strategies are direct-lending, liquid
credit investing, and cash management.
SOURCE Bowie Resources, LLC
Contact: John Seigel, 502-584-6022
Press spacebar to pause and continue. Press esc to stop.