WhiteHawk Closes $111.8M Acquisitions, Boosts Credit Facility to $175M
WHK is trading near its 52-week low of $25.34 (4.7% above the low).
Summary
WhiteHawk Minerals closed $111.8 million of acquisitions, including the $105 million purchase of Marcellus, Utica, and Haynesville royalty assets from San Jacinto Minerals II. The deals were funded by a $50 million Series E preferred issuance and a $75 million common stock private placement, both of which closed in late September. The company also increased its revolving credit facility borrowing base to $175 million, which remains fully undrawn. This follows the August 12 announcement of the acquisition and the September 18 8-K disclosing the private placement. The closing solidifies WhiteHawk's position in core Appalachia and Haynesville acreage, adding 700,000 gross unit acres and 11,810 net royalty acres. The increased liquidity and low leverage provide flexibility for further accretive deals.
At the time of this announcement, WHK was trading at $26.52 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $725.8M. The 52-week trading range was $25.34 to $29.07. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: BusinessWire.