FORT
WORTH, Texas, Jan. 7, 2025
/PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP)
("Kimbell") today announced the pricing of its upsized public
offering of 10,000,000 common units representing limited partner
interests, at a public offering price of $14.90 per common unit. The total gross proceeds
of the offering, before underwriters' discounts and estimated
offering expenses, will be approximately $149.0 million. Kimbell has granted the
underwriters an option to purchase up to 1,500,000 additional
common units at the public offering price less the underwriting
discount and commissions. The offering is expected to close on
January 9, 2025, subject to customary
closing conditions.
Kimbell intends to use the net proceeds from the offering for
the repayment of outstanding borrowings under its revolving credit
facility. At the closing of the pending acquisition of oil and
natural gas mineral and royalty interests held by Boren
Minerals (the "Acquisition"), as described in Kimbell's Current
Report on Form 8-K filed with the Securities and Exchange
Commission (the "SEC") on January 7,
2025, Kimbell intends to fund the cash portion of the
purchase price of the Acquisition and related fees and expenses
from future borrowings under its revolving credit
facility.
Citigroup, J.P. Morgan, RBC Capital Markets, BofA Securities and
Mizuho are acting as joint-bookrunning managers for the offering.
PNC Capital Markets LLC, KeyBanc Capital Markets,
Capital One Securities and TCBI Securities, Inc., doing
business as Texas Capital Securities are acting as
co-managers for the offering. When available, a copy of the
prospectus for the offering may be obtained from Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone
at 800-831-9146; J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via email at
prospectus-eq_fi@jpmchase.com; or RBC Capital Markets, LLC,
Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at
877-822-4089 or by email at equityprospectus@rbccm.com.
To obtain a copy of the prospectus free of charge, visit the
SEC's website (www.sec.gov) and search under the registrant's name,
"Kimbell Royalty Partners, LP."
The common units will be issued and sold pursuant to an
effective shelf registration statement on Form S-3 previously filed
with the SEC. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy the common units, nor
shall there be any sale of the common units in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. This offering
may only be made by means of a prospectus supplement and related
base prospectus.
About Kimbell Royalty Partners
Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty
company based in Fort Worth,
Texas. Kimbell owns mineral and royalty interests in
approximately 17 million gross acres in 28 states and in every
major onshore basin in the continental United States, including ownership in more
than 129,000 gross wells with over 50,000 wells in the Permian
Basin.
Forward-Looking Statements
This news release includes forward-looking statements, including
statements related to the proposed public offering, the use of
proceeds therefrom, the consummation of the Acquisition and other
statements that are not historical facts. These forward-looking
statements involve risks and uncertainties, including risks that
the anticipated benefits of the Acquisition are not realized; risks
relating to Kimbell's integration of the Acquisition assets; risks
relating to the possibility that the Acquisition does not close
when expected or at all because any conditions to the closing are
not satisfied on a timely basis or at all; and risks relating to
Kimbell's business and prospects for growth generally. Except as
required by law, Kimbell undertakes no obligation and does not
intend to update these forward-looking statements to reflect events
or circumstances occurring after this news release. When
considering these forward-looking statements, you should keep in
mind the risk factors and other cautionary statements in Kimbell's
Annual Report on Form 10-K (as amended) and other filings with the
SEC, available at the SEC's website at www.sec.gov. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this news
release. Kimbell may not consummate the Acquisition and the
closing of the offering is not conditioned upon the
Acquisition.
Contact:
Rick Black
Dennard Lascar Investor
Relations
krp@dennardlascar.com
(713) 529-6600
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SOURCE Kimbell Royalty Partners, LP