VNOM Sub, Inc.: debt financing — Viper Energy extends credit facility maturity to 2028, boosts elected commitment to $850M; secures $95.8M lease bonus

VNOM Sub, Inc.

Eleventh Amendment extends credit maturity to Sep 2028 and ups elected commitments from $750M to $850M.
Twelfth Amendment increases borrowing base from $1B to $1.25B upon closing of previously announced Warwick/GRP acquisition.
Amendment waives borrowing base reduction for up to $750M of senior unsecured notes issued before May 2024.
Viper OpCo enters lease with Diamondback subsidiary for Permian acreage; receives $95.8M bonus to reduce revolving credit debt.

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

VNOM Sub, Inc. amended revolving credit of $850 million with Wells Fargo Bank, National Association maturing September 22, 2028.

Instrument: revolving credit
Principal: $850 million
Counterparty: Wells Fargo Bank, National Association
Maturity: September 22, 2028
Event: amendment

Exact text from the filing

The Eleventh Amendment, among other things, (i) extended the maturity date from June 2, 2025 to September 22, 2028, (ii) increased the aggregate elected commitment amount from $750 million to $850 million

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

VNOM Sub, Inc. amended revolving credit of $1.25 billion with Wells Fargo Bank, National Association.

Instrument: revolving credit
Principal: $1.25 billion
Counterparty: Wells Fargo Bank, National Association
Event: amendment

Exact text from the filing

LLC (“Viper OpCo”), as borrower, and Viper Energy Partners LP (“Viper”), as parent guarantor, entered into an eleventh amendment (the “Eleventh Amendment”) to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 20, 2018, with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

VNOM Sub, Inc. amended Eleventh Amendment to Amended and Restated Senior Secured Revolving Credit Agreement with Wells Fargo Bank, National Association valued at increased aggregate elected commitment amount from $750 million to $850 million; extended maturity d (effective 2023-09-22).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: increased aggregate elected commitment amount from $750 million to $850 million; extended maturity d
Effective: 2023-09-22

Exact text from the filing

On September 22, 2023, Viper Energy Partners LLC ("Viper OpCo"), as borrower, and Viper Energy Partners LP ("Viper"), as parent guarantor, entered into an eleventh amendment (the "Eleventh Amendment") to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 20, 2018, with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.

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Source: SEC EDGAR

accession 0001602065-23-000059

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