secwatch.observer — SEC 8-K summary
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Issuer:     LandBridge Co LLC (LB)
CIK:        0001995807
Form:       8-K
Filed at:   2025-11-19T23:59:59+00:00
Accession:  0001193125-25-287019
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.02, 8.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

LandBridge subsidiary enters $275M revolver and launches $500M senior notes offering; pro forma DSCR of 5.0x
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1995807/000119312525287019/0001193125-25-287019-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1995807/000119312525287019/d873314d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-287019

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