PermRock Royalty Trust (NYSE:PRT) announced the pricing of its initial public offering of 6,250,000 trust units, representing an approximate 51.4% beneficial interest in the Trust, at $17.00 per unit. Boaz Energy II, LLC, the sponsor of the Trust, is selling the units being offered. Boaz Energy intends to use the net proceeds of this offering to repay in full the borrowings outstanding under its revolving credit facility, to make required termination payments and pay purchase premiums in connection with restructuring its commodity hedges in connection with this offering, for general company purposes, including to fund its development expenditures, and to make a distribution to Boaz Energy's owners.
Janney Montgomery Scott LLC acted as a co-manager in this offering.
About PermRock Royalty Trust
PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned by Boaz Energy in the Permian Basin of West Texas.
About Boaz Energy II, LLC
Boaz Energy is a privately-held Delaware limited liability company focused on the acquisition, development and operation of oil and natural gas properties located throughout the Permian Basin. Boaz Energy was formed by its management team and NGP Energy Capital Management, a premier private equity firm in the natural resources industry with over $20 billion of cumulative equity commitments.
About Janney's Infrastructure Investment Banking Team
Janney’s Infrastructure Investment Banking practice services public and private companies throughout the infrastructure and industrials universe with a particular focus on utilities, energy and water. With a long-term focus on building relationships and providing superior service, the team is committed to delivering client-specific equity and debt capital raising and advisory services to advance management's objectives.
About Janney
Established in 1832, Janney Montgomery Scott LLC is a leading full-service investment banking and financial services firm serving individual, corporate, institutional and government clients. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
Janney's Investment Banking Team
Janney’s Investment Banking practice is a leader in middle-market financing solutions. We place a high value on our consistent track record of delivering solutions to our clients, since 2009, we have completed 605 transactions aggregating $85B in transaction value. We work with clients on a highly-personalized basis, providing exceptional service, commitment and senior level attention.
