Kimbell Royalty Partners, LP Announces Pricing of Upsized Public Offering of Common Units

FORT WORTH, Texas, Nov. 3, 2022 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell") today announced the pricing of its public offering of 6,000,000 common units representing limited partner interests, at a public offering price of $17.75 per common unit. The total gross proceeds of the offering, before underwriters' discounts and estimated offering expenses, will be approximately $106.5 million. Kimbell has granted the underwriters an option to purchase up to 900,000 additional common units at the public offering price less the underwriting discount and commissions. The offering is expected to close on November 8, 2022, subject to customary closing conditions.

Kimbell intends to use the net proceeds from the offering to fund a portion of the cash purchase price for the pending acquisition of oil and natural gas mineral and royalty interests held by Austin-based Hatch Royalty LLC (the "Hatch Acquisition"), as described in Kimbell's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on November 3, 2022, and to pay fees and expenses related to the Hatch Acquisition. Pending the closing of the Hatch Acquisition, Kimbell intends to use the net proceeds from the offering for the repayment of outstanding borrowings under its revolving credit facility. Kimbell may use future amounts borrowed under its revolving credit facility for general partnership purposes.

Citigroup and Raymond James are acting as lead book-running managers for the offering. Keybanc Capital Markets, RBC Capital Markets, and Truist Securities are also acting as bookrunners for the offering. PNC Capital Markets LLC, Stephens Inc., Stifel, and TD Securities are acting as co-managers for the offering. When available, a copy of the prospectus for the offering may be obtained from:

Citigroup