Ramaco Resources, Inc. 8-K

What Happened
On December 30, 2025, Ramaco Resources, Inc. announced it entered into a Third Amended and Restated Credit and Security Agreement with KeyBank National Association (as administrative agent) and a syndicate of lenders. The agreement replaces and restates the company’s prior credit agreement and provides an asset-based revolving credit facility with an initial aggregate commitment of $350 million and an incremental accordion option of up to $150 million. The facility is guaranteed by certain domestic subsidiaries and is secured by a first-priority security interest in substantially all personal property of the borrowers (excluding owned or leased real property and certain equipment).

Key Details

• Initial revolving commitment: $350,000,000; accordion up to $150,000,000, subject to conditions.
• Maturity: earlier of December 30, 2030 and 180 days before the earliest maturity/mandatory redemption of any Permitted Convertible Indebtedness (or earlier termination under the agreement).
• Pricing and fees: loans initially bear interest at SOFR + 2.50% or base rate + 2.00% (borrower’s election); unused commitment fee of 0.375% per annum; $10,000,000 sublimit for letters of credit.
• Covenants and protections: first-priority lien on most personal property (with customary exceptions); affirmative, negative and reporting covenants typical for asset-based facilities; a fixed charge coverage ratio covenant of at least 1.10:1.00 when excess availability is below 12.5% (tested as of quarter-end on a trailing four-quarter basis).

Why It Matters
This agreement provides Ramaco with committed working capital and liquidity flexibility through a $350M revolving facility and an additional accordion option, which can support operations or strategic needs. The interest spread, fees and collateral terms show the cost and security profile of the financing; the facility’s covenants (including the fixed charge coverage test when availability is low) could limit distributions, additional borrowing or certain transactions if liquidity tightens. Because the agreement amends and restates the prior credit agreement and continues existing indebtedness and liens, it maintains lender protections while resetting the formal terms of the company’s credit capacity.