8-K
filed December 29, 2023, 6:59 PM ET
ticker MNR
CIK 0001980088
M&A
confidence high
sentiment positive
materiality 0.78
MACH NATURAL RESOURCES LP (MNR): M&A transaction — Mach closes $815M Paloma Anadarko Basin acquisition; funds with $825M term loan, $75M revolver
MACH NATURAL RESOURCES LP
- Purchased interests in Oklahoma oil and gas properties from Paloma Partners IV, LLC for ~$815M cash.
- New $825M term loan (Chambers Energy, EOC, Mercuria, Farallon, Macquarie, Texas Capital) plus $75M MidFirst revolver.
- Prior credit agreement repaid and terminated; revolving facility undrawn at close.
- Hedge positions as of Dec 29 include oil swaps ($71.80–$78.92/bbl) and gas swaps ($2.94–$4.36/mmbtu) through 4Q25.
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
MACH NATURAL RESOURCES LP incurred revolving credit of $75,000,000 with MidFirst Bank, as the administrative agent at three-month SOFR plus 3.00% plus a credit spread adjustment equal to 0.15% maturing December 28, 2026.
- Instrument
- revolving credit
- Principal
- $75,000,000
- Counterparty
- MidFirst Bank, as the administrative agent
- Rate
- three-month SOFR plus 3.00% plus a credit spread adjustment equal to 0.15%
- Maturity
- December 28, 2026
- Event
- incurrence
Exact text from the filing
The Revolving Credit Agreement has (i) an aggregate principal amount of $75,000,000, (ii) a maturity date of December 28, 2026 and (iii) an interest rate equal to the three-month SOFR plus 3.00% plus a credit spread adjustment equal to 0.15%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
MACH NATURAL RESOURCES LP incurred term loan of $825,000,000 with Texas Capital Bank, as the administrative agent, and Chambers Energy Management, LP, as the loan commitment arranger at three-month SOFR plus 6.50% plus a credit spread adjustment equal to 0.15% maturing December 31, 2026.
- Instrument
- term loan
- Principal
- $825,000,000
- Counterparty
- Texas Capital Bank, as the administrative agent, and Chambers Energy Management, LP, as the loan commitment arranger
- Rate
- three-month SOFR plus 6.50% plus a credit spread adjustment equal to 0.15%
- Maturity
- December 31, 2026
- Event
- incurrence
Exact text from the filing
The Term Loan Credit Agreement has (i) an aggregate principal amount of $825,000,000, (ii) a maturity date of December 31, 2026 and (iii) an interest rate equal to the three-month SOFR plus 6.50% plus a credit spread adjustment equal to 0.15%
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
MACH NATURAL RESOURCES LP completed an acquisition involving Paloma Partners IV, LLC for approximately $815,000,000 (closed 2023-12-28).
- Action
- acquisition
- Counterparty
- Paloma Partners IV, LLC
- Consideration
- approximately $815,000,000
- Closing
- 2023-12-28
Exact text from the filing
On December 28, 2023, the Company completed the acquisition of the Assets (the “Asset Acquisition”) in accordance with the terms of the PSA for a purchase price of approximately $815,000,000 (subject to customary closing adjustment), in cash paid to the Sellers for the Assets.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
MACH NATURAL RESOURCES LP entered into Revolving Credit Agreement with MidFirst Bank valued at $75,000,000 (effective 2023-12-28).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- MidFirst Bank
- Value
- $75,000,000
- Effective
- 2023-12-28
Exact text from the filing
The loans advanced to the Company under the Revolving Credit Agreement are secured by a super-priority security interest on substantially all of our assets including the Assets following the Asset Acquisition. The Revolving Credit Agreement has (i) an aggregate principal amount of $75,000,000, (ii) a maturity date of December 28, 2026 and (iii) an interest rate equal to the three-month SOFR plus 3.00% plus a credit spread adjustment equal to 0.15%, provided that the three-month SOFR will not be less than 3.50%.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
MACH NATURAL RESOURCES LP entered into Term Loan Credit Agreement with Texas Capital Bank valued at $825,000,000 (effective 2023-12-28).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Texas Capital Bank
- Value
- $825,000,000
- Effective
- 2023-12-28
Exact text from the filing
In connection with the closing of the Asset Acquisition (as defined below), on December 28, 2023, Mach Natural Resources LP (the “Company”) entered into (i) a senior secured term loan credit agreement (the “Term Loan Credit Agreement”), among the Company, the guarantors party thereto, the lenders party thereto, Texas Capital Bank, as the administrative agent, and Chambers Energy Management, LP, as the loan commitment arranger, and (ii) a senior secured revolving credit agreement (the “Revolving Credit Agreement”) among the Company, the guarantors party thereto, the lenders party thereto and MidFirst Bank, as the administrative agent.
View on SEC.gov
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