secwatch.observer — SEC 8-K summary
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Issuer:     Kimbell Royalty Partners, LP (KRP)
CIK:        0001657788
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001104659-23-086790
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 3.02, 3.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Kimbell acquires Cherry Creek Minerals for $455M; raises $325M from Apollo preferred units
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- Purchase price $455M cash for Cherry Creek Minerals; expected close Q3 2023 with effective date June 1, 2023.
- Acquired assets produce ~4,840 Boe/d (28% increase to Kimbell production); 49,658 net royalty acres in Permian and SCOOP/STACK.
- Apollo funds commit $325M firm for 6% Series A Cumulative Convertible Preferred Units; Kimbell may sell additional $75M.
- Preferred units convertible after 2 years at $15.07 conversion price; distribution rate 6% per annum, step-up on default.
- Acquisition expected to reduce G&A per Boe by ~22% and add 24 active rigs on acreage.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1657788/000110465923086790/0001104659-23-086790-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1657788/000110465923086790/tm2322096d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-086790

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer