Kimbell Royalty enters $750M amended credit facility, extends maturity to 2027

Kimbell Royalty Partners, LP

Amended and restated credit agreement provides senior secured revolving facility up to $750M; initial borrowing base $400M with $400M elected commitments.
Maturity extended to June 7, 2027; interest at SOFR + 2.75%-3.75% or base rate + 1.75%-2.75% based on utilization.
Covenants: max Debt/EBITDAX 3.5:1 and min current ratio 1.0:1, tested quarterly from Q2 2023.
Facility guaranteed by material subsidiaries and secured by substantially all assets, including mortgages on at least 75% of PV-9 of proved reserves.
Borrowing base redetermined semi-annually; first scheduled redetermination around November 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Kimbell Royalty Partners, LP amended Amended and Restated Credit Agreement with Citibank, N.A. valued at up to $750,000,000 (effective 2023-06-13).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A.
Value: up to $750,000,000
Effective: 2023-06-13

Exact text from the filing

On June 13, 2023, Kimbell Royalty Partners, LP, a Delaware limited partnership (the “ Partnership ”), entered into an Amended and Restated Credit Agreement (the “ A&R Credit Agreement ”), which amended and restated the Partnership’s existing Credit Agreement, dated as of January 11, 2017 (as amended on July 12, 2018, December 8, 2020, June 7, 2022 and December 15, 2022), by and among the Partnership, as borrower, certain subsidiaries of the Partnership, as guarantors, the several lenders party thereto (the “ Lenders ”) and Citibank, N.A., as administrative agent.

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Source: SEC EDGAR

accession 0001104659-23-072895

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