August 21, 2017 4:27 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Rhino Energy LLC

Company Overview

Rhino Energy LLC produces sulfur steam coal for electric utilities in the United States. The company also offers metallurgical coal that is used in the manufacture of steel. The company was formerly known as CAM Holdings LLC. The company was founded in 2003 and is based in Lexington, Kentucky. It has mining operations in Central Appalachia, Northern Appalachia, and Colorado; production operations in Kentucky and West Virginia; and a subsidiary in Xiamen, China. Rhino Energy LLC operates as a subsidiary of Rhino Resource Partners LP.

424 Lewis Hargett Circle

Suite 250

Lexington, KY 40503

United States

Founded in 2003

Phone:

859-389-6500

Fax:

859-389-6588

Key Executives for Rhino Energy LLC

Chief Financial Officer and Senior Vice President
Age: 63
General Counsel, Vice President, and Secretary
Age: 41
Vice President of Technical Services
Age: 43
Compensation as of Fiscal Year 2017.

Rhino Energy LLC Key Developments

CAM Holdings to Setup Subsidiary in Xiamen, China; Appoints Cc Hsiao to Build and Lead the Team

CAM Holdings announced the setup of a subsidiary in Xiamen, China, in an effort to expand and accelerate the use of silver nanowire technology in end products. CAM China will provide close support to customers using silver nanowires for touch sensors as well as new applications like solar cells, OLED lighting, and smart windows. The company also announced that CC Hsiao has been hired to build and lead the team.

Rhino Energy LLC Enters into Amended and Restated Credit Agreement

On May 13, 2016, Rhino Energy LLC announced that the Partnership and certain of its subsidiaries, as guarantors, entered into an amendment of its Amended and Restated Credit Agreement with PNC Bank, National Association, as Administrative Agent, PNC Capital Markets and Union Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, Union Bank, N.A., as Syndication Agent, Raymond James Bank, FSB, Wells Fargo Bank, National Association and the Huntington National Bank, as Co-Documentation Agents and the lenders party thereto (Amended and Restated Credit Agreement). This Fifth Amendment extends the term of the senior secured credit facility to July 31, 2017. Per the Fifth Amendment, the credit facility will be automatically extended to December 31, 2017 if revolving credit commitments are reduced to $55 million or less on or before July 31, 2017. The Fifth Amendment immediately reduces the revolving credit commitments under the credit facility to a maximum of $75 million and maintains the amount available for letters of credit at $30 million. The Fifth Amendment further reduces the revolving credit commitments over time on a dollar-for-dollar basis in amounts equal to each of the following: the face amount of any letter of credit that expires or whose face amount is reduced by any such dollar amount, the net proceeds received from any asset sales, and the scheduled capital contributions by Royal Energy Resources Inc. the net proceeds from the issuance of any equity by the Partnership up to $20.0 million (other than equity issued in exchange for any Royal contribution as outlined in the Securities Purchase Agreement or the Royal scheduled capital contributions to the Partnership as outlined below) or the incurrence of any subordinated debt. The first $11 million of proceeds received from any equity issued by the Partnership described in clause above shall also satisfy the Royal scheduled capital contributions as outlined below.

Rhino Energy LLC Enters into Amendment of its Amended and Restated Credit Agreement

On March 17, 2016, Rhino Energy LLC as borrower and Rhino Resource Partners LP (the “Partnership”) and certain of its subsidiaries, as guarantors, entered into an amendment of its amended and restated credit agreement, dated July 29, 2011, as amended by the first, second and third amendments thereto, with PNC Bank, National Association, as administrative agent, PNC Capital Markets and Union Bank, N.A., as joint lead arrangers and joint bookrunners, Union Bank, N.A., as syndication agent, Raymond James Bank, FSB, Wells Fargo Bank, National Association and the Huntington National Bank, as co-documentation agents and the lenders party thereto. The fourth amendment amends the definition of change of control in the amended and restated credit agreement to permit Royal to purchase the membership interests of the Rhino GP LLC ("general partner") and sets the expiration date of the facility at July 2016. The fourth amendment reduces the borrowing capacity under the credit facility to a maximum of $80 million and reduces the amount available for letters of credit to $30 million. The fourth amendment eliminates the option to borrow funds utilizing the LIBOR rate plus an applicable margin and establishes the borrowing rate for all borrowings under the facility to be based upon the current PRIME rate plus an applicable margin of 3.50%. The fourth amendment eliminates the capability to make swing loans under the facility. The fourth amendment alters the maximum leverage ratio, calculated as of the end of the most recent month, on a trailing twelve month basis, to 6.75 to 1.00. The leverage ratio shall be reduced by 0.50 to 1.00 for every $10 million of net cash proceeds, in the aggregate, received by the Partnership after the date of the fourth amendment from a liquidity event; provided, however, that in no event shall the maximum permitted leverage ratio be reduced below 3.00 to 1.00. A liquidity event is defined in the fourth amendment as the issuance of any equity by the Partnership on or after the fourth amendment effective date or the disposition of any assets by the Partnership. The fourth amendment requires the Partnership to maintain minimum liquidity of $5 million and minimum EBITDA, calculated as of the end of the most recent month, on a trailing twelve month basis, of $8 million. The fourth amendment limits the amount of the Partnership’s capital expenditures to $15 million, calculated as of end of the most recent month, on a trailing twelve month basis. The fourth amendment requires the Partnership to provide monthly financial statements and a weekly rolling thirteen week cash flow forecast to the administrative agent.

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