TXO Partners (TXO) said Wednesday that it priced a public offering of over 11.6 million common units representing limited partner interests in the company at $15 each, equal to a 15.2% discount relative to the stock's Tuesday closing price.
The company said it plans to use the net proceeds totaling $165.3 million to fund a portion of its acquisition of White Rock Energy's assets in the Elm Coulee field in the Williston Basin of Montana and North Dakota.
TXO said it granted the underwriters an option to acquire up to an additional 1.75 million units at the offering price. The offering is expected to close Thursday.
TXO shares were more than 15% lower in recent premarket activity.
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