Kimbell Royalty lifts revolver to $300 million, makes SOFR benchmark

By Marisa Wong

Los Angeles, June 9 – Kimbell Royalty Partners, LP entered into a third amendment on June 7 to its existing credit agreement dated Jan. 11, 2017 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other things, increases the aggregate elected commitments under the senior secured revolving credit facility and the borrowing base, in each case, to $300 million from $275 million.

The amendment also transitions the benchmark interest rate to SOFR from Libor. Specifically, Libor has been replaced with term SOFR for one-, three- or six-month interest periods, plus a fixed credit spread adjustment of 10, 15 and 25 basis points, respectively.

Fort Worth-based Kimbell Royalty Partners owns and acquires mineral and royalty interests in oil and natural gas properties.

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