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 raised about $53.3 million net in a follow-on offering of 3 million common units at $19.00, used to buy more OpCo units -- routine growth-stage equity financing.
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 completed its IPO -- 5,750,000 common units at $18.00 (about $103.5 million gross) -- and simultaneously closed formation transactions contributing the predecessor Kimbell family/founder mineral-and-royalty entities (each controlled by a board member: BJF Royalties, Duncan Management, K3 Royalties, Nail Bay Royalties, Steward Royalties, Taylor Companies) into the new public partnership. Those same entities, plus GP affiliate Kimbell Operating Company, immediately became paid related-party managers under management services agreements -- the externally-managed structure that defines the partnership going forward.
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.