LandBridge Co LLC (LB): debt financing disclosed in 8-K

LandBridge Co LLC (LB): debt financing — LandBridge subsidiary enters $275M revolver and launches $500M senior notes offering; pro forma DSCR of 5.0x

LandBridge Co LLC

DBR Land entered $275M revolving credit facility maturing June 2030; secured by all assets, used to repay existing facility.

Launched $500M senior notes private placement under Rule 144A/Reg S; proceeds plus revolver borrowings to repay existing credit facility.

Pro forma Debt Service Coverage Ratio after offering and 1918 Ranch Acquisition is 5.0x, up from 3.0x LTM Dec 2024 actual.

Covenant EBITDA LTM Sep 30, 2025 as further adjusted is $179.6M; material project EBITDA adjustments of $21.6M included.

Credit agreement covenants: min interest coverage 2.50x, max total net leverage 5.00x (step-up to 5.25x after permitted acquisition), max senior secured net leverage 3.50x.

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

LandBridge Co LLC incurred revolving credit of $275 million with Texas Capital Bank, as administrative and collateral agent, and the lenders party thereto at Term SOFR plus 2.00%-3.00% per annum; Base Rate plus 1.00%-2.00% per annum maturing June 30, 2030 or earlier if 91 days prior to Notes maturity if Notes outstanding > $50 million.

Instrument: revolving credit
Principal: $275 million
Counterparty: Texas Capital Bank, as administrative and collateral agent, and the lenders party thereto
Rate: Term SOFR plus 2.00%-3.00% per annum; Base Rate plus 1.00%-2.00% per annum
Maturity: June 30, 2030 or earlier if 91 days prior to Notes maturity if Notes outstanding > $50 million
Event: incurrence

Exact text from the filing

On November 18, 2025, DBR Land Holdings LLC (“DBR Land”), a subsidiary of LandBridge Company LLC (NYSE: LB; NYSE TX: LB) (the “Company”), entered into a revolving credit agreement (the “Credit Agreement”) by and among Texas Capital Bank, as administrative and collateral agent (the “Administrative Agent”), and the lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for lender commitments of $275 million and matures on the earlier of (a) June 30, 2030, and (b) the date that is 91 days prior to the stated maturity of the Notes (as defined below) if, on such date, the outstanding principal amount of the Notes is greater than $50 million (the “Maturity Date”). Borrowings under the Credit Agreement are secured by a first-priority lien on substantially all assets of DBR Land and its subsidiaries, and is also guaranteed by each of its subsidiaries.

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