TXO Partners, L.P. (TXO): M&A transaction — TXO Partners completes $241.8M Williston Basin acquisition; credit facility raised to $275M

TXO Partners, L.P.

Acquired oil & gas assets in Elm Coulee (MT) and Russian Creek (ND) for $241.8M cash plus 2.5M common units.
Funded via $141.3M net equity offering (7.475M units) and borrowings under revolving credit facility.
Credit facility borrowing base increased from $165M to $275M; maturity extended to August 30, 2028.
New lenders Texas Capital Bank, UMB, Cadence, First Horizon join; Royal Bank of Canada exits.
Registration rights agreement grants EMEP sellers demand and piggyback registration rights for the units.

item 1.01 item 2.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

TXO Partners, L.P. completed an acquisition involving EMEP Acquisitions, LLC and VR4-ELM, LP for $241.8 million in cash and 2,500,000 common units (closed 2024-08-30).

Action: acquisition
Counterparty: EMEP Acquisitions, LLC and VR4-ELM, LP
Consideration: $241.8 million in cash and 2,500,000 common units
Closing: 2024-08-30

Exact text from the filing

as of June 25, 2024, by and among the Purchaser Parties and the EMEP Sellers (the “Purchase and Sale Agreement”). The total consideration for the EMEP Acquisition consisted of $241.8 million in cash (the “EMEP Cash Consideration”) and 2,500,000 common units representing limited partner interests in the Partnership (the “EMEP Equity Consideration”), subject to

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TXO Partners, L.P. filing history →

Source: SEC EDGAR

accession 0001193125-24-211072

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