VNOM Sub, Inc.: debt financing — Viper Energy closes $400M 7.375% Senior Notes due 2031; proceeds for pending acquisition

VNOM Sub, Inc.

Issued $400M aggregate principal of 7.375% Senior Notes due November 1, 2031.
Interest payable semi-annually on May 1 and Nov 1, first payment May 1, 2024.
Proceeds loaned to operating subsidiary Viper Energy Partners LLC to fund portion of pending Permian Basin mineral acquisition.
If pending acquisition not closed by Dec 29, 2023, Partnership must redeem all notes at initial offer price plus accrued interest.
Notes are senior unsecured, rank pari passu with existing senior debt; parent Diamondback Energy not guaranteeing.

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. incurred senior notes of $400 million with qualified institutional buyers and non-U.S. persons at 7.375% per annum maturing November 1, 2031.

Instrument: senior notes
Principal: $400 million
Counterparty: qualified institutional buyers and non-U.S. persons
Rate: 7.375% per annum
Maturity: November 1, 2031
Event: incurrence

Exact text from the filing

On October 19, 2023, Viper Energy Partners LP (the “Partnership”) completed its previously announced offering (the “Notes Offering”) of $400 million in aggregate principal amount of the Partnership’s 7.375% Senior Notes due 2031 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VNOM Sub, Inc. entered into Indenture with Computershare Trust Company, National Association valued at $400 million (effective 2023-10-19).

Action: entry
Agreement: notes offering
Counterparty: Computershare Trust Company, National Association
Value: $400 million
Effective: 2023-10-19

Exact text from the filing

The Notes were issued under an indenture, dated as of October 19, 2023, among the Partnership, as issuer, the Operating Company, as guarantor, and Computershare Trust Company, National Association, as trustee (the “Indenture”).

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Source: SEC EDGAR

accession 0001602065-23-000076

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