FORT
WORTH, Texas, Aug. 2, 2023
/PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP)
("Kimbell") today announced that it has commenced an underwritten
public offering of 6,000,000 common units representing limited
partner interests, subject to market and other conditions. In
connection with the offering, Kimbell intends to grant the
underwriters an option to purchase up to 900,000 additional common
units at the public offering price less the underwriting discount
and commissions.
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 a private
seller (the "Acquisition"), as described in Kimbell's Current
Report on Form 8-K filed with the Securities and Exchange
Commission (the "SEC") on August 2,
2023, Kimbell intends to use amounts borrowed from its
revolving credit facility to fund a portion of the purchase price
of the Acquisition and to pay related fees and expenses.
Kimbell may use future amounts borrowed under its revolving credit
facility for general partnership purposes, including a potential
redemption of a portion of its 6.0% Series A Cumulative Convertible
Preferred Units that are expected to be issued in connection with
the Acquisition.
Citigroup and BofA Securities are acting as lead book-running
managers for the offering. When available, a copy of the
preliminary prospectus for the offering may be obtained from:
Citigroup
c/o Broadridge
Financial Solutions
1155 Long Island
Avenue
Edgewood, NY
11717
Telephone: (800)
831-9146
|
BofA Securities
NC1-002-02-25
Attention: Prospectus
Department
201 North Tryon
Street
Charlotte, NC
28255-0001
dg.prospectus_requests@bofa.com
|
To obtain a copy of the preliminary 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 over 16
million gross acres in 28 states and in every major onshore basin
in the continental United States,
including ownership in more than 125,000 gross wells with over
48,000 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 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