(Source: Shutterstock.com)
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.
Recommended Reading
Phillips 66’s Brouhaha with Activist Investor Elliott Gets Testy
2025-03-05 - Mark E. Lashier, Phillips 66 chairman and CEO, said Elliott Investment Management’s proposals have devolved into a “series of attacks” after the firm proposed seven candidates for the company’s board of directors.
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Q&A: Petrie Partners Co-Founder Offers the Private Equity Perspective
2025-02-19 - Applying veteran wisdom to the oil and gas finance landscape, trends for 2025 begin to emerge.
Utica Liftoff: Infinity Natural Resources’ Shares Jump 10% in IPO
2025-01-31 - Infinity Natural Resources CEO Zack Arnold told Hart Energy the newly IPO’ed company will stick with Ohio oil, Marcellus Shale gas.
Double Eagle Team Re-Ups in Permian, Backed by EnCap’s $2.5B
2025-04-02 - The fifth iterations of Double Eagle Energy and its minerals subsidiary, Tumbleweed Royalty, have received a $2.5 billion equity commitment from EnCap Investments LP—the day the E&P finalized a $4.1 billion sale to Diamondback Energy.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.