Texas Pacific Land Corp (TPL): debt financing — Texas Pacific Land completes $500M inaugural revolving credit facility

Texas Pacific Land Corp

Credit facility of $500M, oversubscribed with twelve banks, matures Oct 23, 2029.
Interest rate: SOFR + 2.25% to 2.50% based on leverage ratio; undrawn at close.
Includes $250M accordion feature; initially unsecured with springing security if leverage > 2.50x.
Proceeds for capex, working capital, acquisitions, and general purposes.
CFO states facility enhances liquidity and supports growth and shareholder returns.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Texas Pacific Land Corp incurred revolving credit of $500.0 million, with ability to request increases of up to an additional $250.0 million with Wells Fargo Bank, National Association at term SOFR plus 2.25% or 2.50% depending on leverage; base rate plus 1.25% or 1.5 maturing October 23, 2029.

Instrument: revolving credit
Principal: $500.0 million, with ability to request increases of up to an additional $250.0 million
Counterparty: Wells Fargo Bank, National Association
Rate: term SOFR plus 2.25% or 2.50% depending on leverage; base rate plus 1.25% or 1.5
Maturity: October 23, 2029
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a revolving credit facility (the “Revolving Credit Facility”) in the aggregate principal amount of up to $500.0 million, and the ability to request potential increases in the commitments of the lenders of up to an additional $250.0 million; provided that any such request for an increase must be in a minimum amount of $50,000,000 or, if less, the amount remaining available for all such increases.

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Source: SEC EDGAR

accession 0001104659-25-102617

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