Sitio Royalties Corp.: debt financing — Sitio Royalties issues $600M of 7.875% senior notes due 2028, refinances existing debt

Sitio Royalties Corp.

$600M aggregate principal of 7.875% senior notes due November 1, 2028 issued.
Proceeds used to redeem all outstanding 2026 senior unsecured notes and repay revolver borrowings.
Interest payable semi-annually on May 1 and Nov 1, commencing May 1, 2024.
Notes are senior unsecured, guaranteed by Sitio OpCo's subsidiaries (excluding Finance Corp).
Optional redemption at 107.875% (equity clawback up to 35%) or make-whole premium before Nov 2025.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sitio Royalties Corp. incurred senior notes of $600.0 million aggregate principal amount with Citibank, N.A., as trustee at 7.875% maturing November 1, 2028.

Instrument: senior notes
Principal: $600.0 million aggregate principal amount
Counterparty: Citibank, N.A., as trustee
Rate: 7.875%
Maturity: November 1, 2028
Event: incurrence

Exact text from the filing

On October 3, 2023, Sitio Royalties Operating Partnership, LP, a Delaware limited partnership (“Sitio OpCo”) and subsidiary of Sitio Royalties Corp., a Delaware corporation (NYSE: STR) (the “Company”), and Sitio Finance Corp., a Delaware corporation (“Finance Corp.” and, together with Sitio OpCo, the “Issuers”) and subsidiary of Sitio OpCo, issued and sold (the “Notes Offering”) $600.0 million aggregate principal amount of their 7.875% Senior Notes due 2028 (the “Notes”).

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Source: SEC EDGAR

accession 0001193125-23-250800

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