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 related positions.
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 customers."
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