Kimbell Royalty Partners slides on public offering

Kimbell Royalty Partners, LP

10/01/2020 12:35

** Kimbell Royalty Partners LP  KRP.N  down ~10% premarket
after co prices follow-on
    ** Co offers 5 mln units at $15.50, a 10.8% discount to KRP
last sale  urn:newsml:reuters.com:*:nPnwDvRPa
    ** Kimbell to use net offering proceeds to fund portion of
cash purchase price for pending $175 mln acquisition of oil and
natural gas mineral and royalty interests held by Springbok
Energy Partners, LLC
    ** Kimbell also issuing another 2.5 mln of its own units and
2.2 mln units of parent, Kimbell Royalty Operating, LLC, to
Springbok  urn:newsml:reuters.com:*:nPnHHgbma
    ** Credit Suisse, Raymond James acted as lead bookrunners
for public offering, joined by Goldman Sachs, RBC and UBS also
as bookrunners
    ** ~27k KRP units have traded (vs 30-DMA volume of ~121k,
per Refinitiv data) as of 0735 EST
    ** Avg rating among 8 brokerages is "buy" and median PT is
$19.50 (Refinitiv)
    ** KRP units gained 25.2% in 2019

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