Natural Resource Partners LP Acquires Interest In Trona Operations And 20% Of Common Shares And All Of Preferred Shares Of OCI Wyoming Co

Natural Resource Partners LP announced that it has acquired a 48.51% general partner interest in OCI Wyoming L.P. and 20% of the common shares and all of the preferred shares of OCI Wyoming Co. from subsidiaries of Anadarko Petroleum Corporation . NRP paid a net $292.5 million for the interests, after normal closing adjustments to the purchase price of $310 million. The agreement also contains an earn-out provision, which would require NRP to pay Anadarko up to $50 million, on a net present value basis, over a three-year period if OCI Wyoming L.P. achieves specified revenue targets during that period. The acquisition was funded 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 is a producer of soda ash. It operates a trona ore mining operation and a soda ash refinery in Green River, Wyoming. Trona ore is a naturally occurring form of soda ash, which is used worldwide in manufacturing a variety of consumer products, primarily including glass, chemicals, soap and paper. World demand for soda ash has been growing for the past three decades, driven particularly by Asia.