4 unchanged sentences
Our primary product is metallurgical coal, which is in itself a commodity.
−Removed: Sales commitments in the metallurgical coal market are typically not long-term in nature.
The Company’s domestic sales contracts have terms of about one year and the pricing is typically fixed.
7 unchanged sentences
Total committed tons
−Removed: Sales commitments of 0.4 million tons were obtained subsequent to December 31, 2023, which are included in the table above.
+Added: Sales commitments of 0.5 million tons were obtained subsequent to December 31, 2024 and are included in the table above.
Sales commitments in the metallurgical coal market are typically not long-term in nature and, therefore, we are subject to fluctuations in market pricing.
−Removed: We expect the shift to more export sales in the Company’s mix of revenue that occurred in 2023 to continue during 2024, which may lead to volatility in revenues due to index-based pricing.
+Added: The Company’s shift to more export sales in its mix of revenues that has occurred during recent years exposes the Company’s revenues to greater volatility due to index-based pricing.
The Company does not currently manage this risk through the use of derivative instruments.
4 unchanged sentences
however, based on the current levels of debt and leases, the Company does not attempt to manage our exposure to interest rate fluctuations.
−Removed: we are not overly exposed to interest rate risk.
The Company has senior unsecured notes with a face value of $34.5 million that mature on July 30, 2026, unless redeemed prior to maturity, bearing interest at a fixed rate of 9% per annum and paid quarterly.
+Added: The Company also issued new senior unsecured notes during the fourth quarter of 2024 with a face value of $57.5 million that mature on November 30, 2029, unless redeemed prior to maturity, bearing interest at a fixed rate of 8.375% per annum and paid quarterly.
Some of the Company’s debts may be affected by changes in benchmark interest rates, such as the Secured Overnight Financing Rate (“SOFR”).
−Removed: Borrowings under the Company’s Revolving Credit Facility, which has a maturity date of February 15, 2026, bear interest at either a base rate plus 1.5% or the applicable SOFR plus 2%.
+Added: Borrowings under the Company’s Revolving Credit Facility, which has a maturity date of May 3, 2029, bear interest at either a base rate plus 2.0% or the applicable SOFR plus 2.5%.
The base rate equals the highest of the administrative agent’s prime rate, the Federal Funds Effective Rate plus 0.5%, or 3.0%.
−Removed: The Company’s outstanding financing related to the Maben coal acquisition, which had a balance of $11.4 million at December 31, 2023 and is due in full in 2024, bears interest at the applicable SOFR plus 3% compounded monthly.
Foreign Exchange Rate Risk.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.