John Mason

John Mason sought clarification on the timing for the next phase of capital returns and asked specifically if the company's goal is to pay the opco credit facility down to zero before increasing distributions.

Answer

President & COO Craig Nunez confirmed with a direct 'Yes' that the company intends to pay down the opco credit facility to zero as part of its deleveraging strategy before moving to the next phase of capital returns.

John Mason of Aegis Companies sought clarification on the specifics of NRP's deleveraging target, asking if the goal is to bring the opco credit facility to zero before beginning the next phase of capital returns.

Answer

President & COO Craig Nunez gave a direct, affirmative response, confirming that the company's goal is indeed to pay down the opco credit facility to zero as part of its deleveraging strategy before significantly increasing capital returns.

John Mason inquired about the flexibility of the debt elimination plan, asking if the company might begin increasing capital returns after paying off the credit facility but before the senior notes mature in 2026.

Answer

Craig Nunez, President and Chief Operating Officer, confirmed the plan is not overly strict. He stated that NRP will use a 'common sense approach' and prioritize paying off the highest-cost debt first, suggesting flexibility in the capital return strategy once the revolver is paid down.

John Mason of Aegis Capital Corp. inquired about the strictness of the plan to eliminate all debt before initiating a larger return of capital, asking if the company might pay off its credit facility and begin distributions while letting senior notes mature.

Answer

Craig Nunez, President and Chief Operating Officer, responded that the plan is not overly strict and that the company will employ a 'common sense approach.' He confirmed they would prioritize paying off the highest-cost debt first, suggesting flexibility in their capital allocation strategy as they approach their deleveraging goal.