May. 13 at 8:23 PM
$TXO TXO Partners announces
$175M common units offering
TXO Partners announced, subject to market and other conditions, the commencement of an underwritten public offering of
$175M of its common units representing limited partner interests in TXO. TXO intends to use the net proceeds from this offering, if consummated, to fund a portion of the cash consideration for the previously announced asset acquisition from White Rock Energy, a portfolio company of Quantum Capital Group.
The offering is not conditioned on the consummation of the acquisition. Pending the closing of the acquisition, and in the event that the acquisition is not completed, the proceeds from the offering will be used to repay the outstanding borrowings under TXO's revolving credit facility and for general partnership purposes. 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.
