Sitio amends revolver, lifting borrowing base to $850 million

By Sara Rosenberg

New York, Sept. 26 – Sitio Royalties Operating Partnership LP amended its revolving credit facility to increase the borrowing base and lender commitment to $850 million, according to an 8-K filed with the Securities and Exchange Commission on Tuesday

In addition, the amendment provides for the issuance of senior notes without resulting in a borrowing base reduction.

The company is selling $600 million of senior notes, upsized from a planned amount of $500 million.

Proceeds from the notes will be used to repay a portion of the company’s outstanding revolver borrowings and to fund the redemption of all outstanding senior notes due 2026.

JPMorgan Chase Bank is the administrative agent on the revolver.

The amendment was completed on Sept. 22.

Sitio is a Denver-based owner and manager of high-quality mineral and royalty interests across premium basins in the United States.

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