Black Stone Minerals will begin a cash tender offer to purchase the 117,963 outstanding Series A preferred units from its preferred unitholders, the company said Oct. 20. The offer will begin the week of Nov. 2.
The units’ par value is $1,000 each plus unpaid accrued yield. The tender offer will be funded through cash on hand and funds under the revolving credit facility.
Thomas L. Carter Jr., chairman, president and CEO, said the company has about $570 million of borrowing capacity available under the revolving credit facility, pending results of the fall borrowing base redetermination. He added that the tender offer will be an efficient use of capital without limiting resources for acquisitions.
Black Stone Minerals LP is based in Houston.
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