Debt, Net | Debt, Net The Partnership's debt consists of the following: June 30, December 31, (In thousands) 2019 2018 NRP LP debt: 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") $ 300,000 $ — 10.500% senior notes, with semi-annual interest payments in March and September, due March 2022, $241 million issued at par and $105 million issued at 98.75% ("2022 Senior Notes") — 345,638 Opco debt: Revolving credit facility $ — $ — Senior Notes 8.38% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2019 $ — $ 21,319 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 13,603 15,290 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 9,458 13,414 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 30,356 37,195 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 63,834 89,529 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 20,059 27,185 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 91,821 107,013 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 23,536 30,555 Total Opco Senior Notes $ 252,667 $ 341,500 Total debt at face value $ 552,667 $ 687,138 Net unamortized debt discount — (1,266 ) Net unamortized debt issuance costs (8,598 ) (13,114 ) Total debt, net $ 544,069 $ 672,758 Less: current portion of long-term debt (46,040 ) (115,184 ) Total long-term debt, net $ 498,029 $ 557,574 NRP LP Debt 2025 Senior Notes In April 2019, NRP and NRP Finance issued the 2025 Senior Notes and used the $300 million proceeds and $76 million of cash on hand to fund the redemption of the 2022 Senior Notes. The 2025 Senior Notes were issued under an Indenture dated as of April 29, 2019 (the "2025 Indenture"), bear interest at 9.125% per year, are payable semi-annually on June 30 and December 30 beginning December 30, 2019, and mature on June 30, 2025. The Partnership incurred $6.6 million of debt issuance costs related to the 2025 Senior Notes which are presented netted against the debt principal on the Partnership's Consolidated Balance Sheet at June 30, 2019 . NRP and NRP Finance have the option to redeem the 2025 Senior Notes, in whole or in part, at any time on or after October 30, 2021, at the redemption prices (expressed as percentages of principal amount) of 104.563% for the 12-month period beginning October 30, 2021, 102.281% for the 12-month period beginning October 30, 2022, and thereafter at 100.000% , together, in each case, with any accrued and unpaid interest to the date of redemption. Furthermore, before October 30, 2021, NRP may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes with the net proceeds of certain public or private equity offerings at a redemption price of 109.125% of the principal amount of 2025 Senior Notes, plus any accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the aggregate principal amount of the 2025 Senior Notes issued under the 2025 Indenture remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering. In the event of a change of control, as defined in the 2025 Indenture, the holders of the 2025 Senior Notes may require us to purchase their 2025 Senior Notes at a purchase price equal to 101% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any. The 2025 Senior Notes were issued at par. The 2025 Senior Notes are the senior unsecured obligations of NRP and NRP Finance. The 2025 Senior Notes rank equal in right of payment to all existing and future senior unsecured debt of NRP and NRP Finance and senior in right of payment to any of NRP's subordinated debt. The 2025 Senior Notes are effectively subordinated in right of payment to all future secured debt of NRP and NRP Finance to the extent of the value of the collateral securing such indebtedness and are structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries, including the Opco Credit Facility and each series of Opco’s existing senior notes. None of NRP's subsidiaries guarantee the 2025 Senior Notes. As of June 30, 2019 , NRP and NRP Finance were in compliance with the terms of the Indenture relating to their 2025 Senior Notes. 2022 Senior Notes During the three months ended June 30, 2019, the Partnership redeemed the 2022 Senior Notes at a redemption price equal to 105.250% of the principal amount of the 2022 Senior Notes, plus accrued and unpaid interest. In connection with the early redemption, the Partnership paid an $18.1 million call premium and also wrote off $10.4 million of unamortized debt issuance costs and debt discount. These expenses are included in Loss on extinguishment of debt on the Partnership's Consolidated Statements of Comprehensive Income. Opco Debt All of Opco’s debt is guaranteed by its wholly owned subsidiaries and is secured by certain of the assets of Opco and its wholly owned subsidiaries other than NRP Trona LLC. As of June 30, 2019 and December 31, 2018 , Opco was in compliance with the terms of the financial covenants contained in its debt agreements. Opco Credit Facility In April 2019, the Partnership entered into the Fourth Amendment (the “Fourth Amendment”) to the Opco Credit Facility (the "Opco Credit Facility"). The Fourth Amendment extends the term of the Opco Credit Facility until April 2023. Lender commitments under the Opco Credit Facility remain at $100.0 million . The Opco Credit Facility contains financial covenants requiring Opco to maintain: • A leverage ratio of consolidated indebtedness to EBITDDA (as defined in the Opco Credit Facility) not to exceed 4.0 x; provided, however, that if the Partnership increases its quarterly distribution to its common unitholders above $0.45 per common unit, the maximum leverage ratio under the Opco Credit Facility will permanently decrease from 4.0 x to 3.0 x; and • a fixed charge coverage ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease expense) of not less than 3.5 to 1.0. As of June 30, 2019 , the Partnership did not have any borrowings outstanding under the Opco Credit Facility and had $100 million in available borrowing capacity. The weighted average interest rates for the borrowings outstanding under the Opco Credit Facility during the three and six months ended June 30, 2018 were 6.18% and 6.08% , respectively. There were no borrowings outstanding under the Opco Credit Facility during the three and six months ended June 30, 2019 . Debt issuance cost related to the Opco Credit Facility were $2.2 million and $1.7 million at June 30, 2019 and December 31, 2018 , respectively, and have been capitalized and included in Other assets on the Partnership's Consolidated Balance Sheets. The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $543.4 million and $548.9 million classified as Mineral rights, net and Plant and equipment, net and on the Partnership’s Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. Opco Senior Notes As of June 30, 2019 and December 31, 2018 , the Opco Senior Notes had cumulative principal balances of $252.7 million and $341.5 million , respectively. Opco made mandatory principal payments of $88.8 million , which included a $49.3 million pre-payment as a result of the sale of the Partnership's construction aggregates business, during the six months ended June 30, 2019 , and $48.1 million during the six months ended June 30, 2018 . The 8.92% Opco Senior Notes also provides that in the event that Opco’s leverage ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the Note Purchase Agreements) exceeds 3.75 to 1.00 at the end of any fiscal quarter, then in addition to all other interest accruing on these notes, additional interest in the amount of 2.00% per annum shall accrue on the notes for the two succeeding quarters and for as long thereafter as the leverage ratio remains above 3.75 to 1.00. Opco has not exceeded the 3.75 to 1.00 ratio at the end of any fiscal quarter through June 30, 2019 . |