TXO Partners LP has priced its public offering of approximately 11.6 million common units for $175 million, which will go towards funding the company's acquisition of White Rock’s Elm Coulee Field assets. (Source: Shutterstock, TXO Partners)
TXO Partners LP has priced its public offering of approximately 11.6 million common units for $175 million, or $15 per common unit, according to a May 14 press release.
The company expects to receive net proceeds of approximately $165.3 million from the offering. Proceeds will be allocated toward funding TXO’s acquisition of White Rock’s Elm Coulee Field assets in the Williston Basin for $350 million, announced May 13.
TXO said it granted underwriters an option to purchase up to an additional 1.75 million common units at the public offering price, less underwriting discounts and commissions.
The offering is expected to close on May 15, subject to customary closing conditions.
Raymond James and Stifel are acting as joint book-running managers for the offering. Capital One Securities, Mizuho and Texas Capital Securities are also acting as joint book-running managers for the offering.
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