Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 165

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 165
---
ARIES (Tabular Amounts in Thousands, Except Per Share, Percentage Data and Oil and Gas Disclosures) F-21

NOTE 8—Current and Long-Term Financing Financing arrangements are obtained and maintained at the subsidiary level. NACCO has not guaranteed any borrowings of our subsidiaries. The following table summarizes our available and outstanding borrowings: December 31 2024 2023 Total outstanding borrowings: Revolving credit agreement $ 70,000 $ 10,000 Other debt 29,514 25,956 Total debt outstanding $ 99,514 $ 35,956 Current portion of borrowings outstanding $ 4,179 $ 13,953 Long-term portion of borrowings outstanding 95,335 22,003 $ 99,514 $ 35,956 Total available borrowings, net of limitations, under revolving credit agreement $ 169,102 $ 115,120 Unused revolving credit agreement $ 99,102 $ 105,120 Weighted average stated interest rate on total borrowings 6.4 % 6.6 % Annual maturities of total debt, excluding leases, are as follows: 2025 4,152 2026 8,700 2027 3,130 2028 72,925 2029 1,696 Thereafter 8,827 $ 99,430 Interest paid on total debt was $5.3 million and $2.4 million during 2024 and 2023, respectively. In September 2024, NACCO Natural Resources amended its secured revolving line of credit (Facility) to increase the revolving credit commitments to $200.0 million and extend the maturity to September 2028. Borrowings outstanding under the Facility were $70.0 million at December 31, 2024. At December 31, 2024, the excess availability under the Facility was $99.1 million, which reflects a reduction for outstanding letters of credit of $30.9 million. The Facility has performance-based pricing, which sets interest rates based upon NACCO Natural Resources achieving various levels of debt to EBITDA ratios, as defined in the Facility. Borrowings bear interest at a floating rate plus a margin based on the level of debt to EBITDA ratio achieved. The applicable margins, effective December 31, 2024, for base rate and Term Secured Overnight Financing Rate loans were 1.50% and 2.50%, respectively. The Facility