COLUMBUS, Ohio, June 25, 2013 /PRNewswire/ -- Oxford Resource Partners, LP (NYSE: OXF) (the "Partnership" or "Oxford") today announced that it has successfully completed a refinancing of its credit facilities that significantly enhances the Partnership's financial flexibility and puts it in a stronger position to participate in a coal market rebound. The Partnership has closed on $175 million of new credit facilities that replace its previous term loan and revolving credit facility, thereby extending the maturity profile of the Partnership's debt and increasing availability under its revolver. The new facilities, which are secured by substantially all of the assets of the Partnership and its wholly owned subsidiaries, consist of a first lien $75 million term loan and $25 million revolving credit facility arranged by Cerberus Capital Management, L.P., and a second lien $75 million term loan arranged by Tennenbaum Capital Partners, LLC. Oxford's President and Chief Executive Officer Charles C. Ungurean commented, "I am pleased that we have closed on these new credit facilities which replace our maturing revolver and term loan credit facility. By extending the maturity profile of our debt and increasing availability under our revolver, we have significantly enhanced our liquidity as we continue to focus on increasing productivity across our operations." The net proceeds of the new facilities are being used to retire both the existing revolving credit facility maturing next month and the existing term loan maturing in July 2014, to pay related fees and expenses and for general corporate purposes. The new first lien facility matures in August 2015 with an optional extension to May 2016 if certain conditions are met. The new second lien facility matures in December 2015 with an optional extension to September 2016 if certain conditions are met. Both new financing agreements contain customary covenants, and also a covenant that precludes the Partnership from making any unitholder distributions during the term of the new facilities. Additional details regarding the terms of the new facilities are provided in the Partnership's Current Report on Form 8-K being filed today with the Securities and Exchange Commission. Evercore Partners acted as sole financial advisor and placement agent to the Partnership with respect to the new facilities.