28 Dec 2018asset acquisition disposition● Neutral
Kimbell closed the Rivercrest/Foundation/Cupola dropdown and signed a registration rights agreement letting those insider sellers eventually resell the units they received.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2018capital raising announcement● NeutralMajor
Kimbell agreed to a related-party 'dropdown' acquisition of royalty interests from Rivercrest Capital Partners, Cupola Royalty Direct and its own founding sponsor Kimbell Art Foundation, paying 6.5 million OpCo/Class B units -- the first of what became a recurring pattern of buying more assets from its own insiders and their affiliates.
28 Sept 2018material agreement▲ Good
Kimbell agreed to sell 3,000,000 common units at $19.00 each, expecting net proceeds of about $53.3 million. The Partnership planned to use the money to buy OpCo units, and the Operating Company would repay part of its revolving credit facility.
25 Sept 2018capital raising announcement● NeutralMajor
Kimbell converted from a pass-through to a taxable entity and restructured into an Up-C: the Haymaker holders (KKR-affiliated, ending up with 37.3% of the operating subsidiary) and founding sponsor Kimbell Art Foundation (11.0%) exchanged their common units for new Class B units plus a matching stake in operating subsidiary Kimbell Royalty Operating -- a structure letting them defer tax on eventual conversion to full common units while Kimbell itself kept majority (51.7%) control of the OpCo.
18 July 2018asset acquisition disposition▲ GoodMajor
Kimbell closed the Haymaker acquisition and quadrupled its revolving credit facility, from $50 million to a $200 million borrowing base (expandable to $500 million), to help fund it -- KKR's Haymaker vehicle became a major unitholder in the process.
1 June 2018capital raising announcement▲ GoodMajor
Kimbell agreed to acquire Haymaker Minerals & Royalties and Haymaker Resources -- KKR-backed mineral/royalty portfolios -- for $210 million cash plus 10 million common units, by far its largest transaction since the IPO and nearly doubling the size of the young partnership.
8 Feb 2018listing compliance notice▼ Bad
Kimbell notified the NYSE it had fallen out of compliance with the exchange's three-independent-director audit committee rule after board member C.O. Ted Collins, Jr. died; the company began searching for a replacement.
14 Feb 2017asset acquisition disposition▲ GoodMajor
Kimbell Royalty Partners closed its IPO of 5,750,000 common units at $18.00 and, at the same time, the Contributing Parties conveyed mineral and royalty interests to the partnership for 10,582,708 common units (64.8%). Kimbell Operating and six board-controlled service providers (BJF, Duncan, K3, Nail Bay, Steward, Taylor) began providing paid management services under five-year agreements.
2 Feb 2017listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Kimbell Royalty Partners, LP's securities for listing, clearing them to begin trading.