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Sitio Royalties Corp. has upsized its offer to sell senior unsecured noted due in 2028 to $600 million from $500 million, the company said on Sept. 26.
The notes are being offered by subsidiaries Sitio Royalties Operating Partnership LP (Partnership) and Sitio Finance Corp. The offered notes will accrue interest at a rate of 7.875% per annum and mature on Nov. 1, 2028.
The offering is expected to close on Oct. 3, subject to customary closing conditions. Net proceeds from the offering are intended to fund the redemption of all of the Partnership’s outstanding senior unsecured notes due 2026 and repay a portion of the outstanding borrowings under the Partnership's revolving credit facility.
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