Texas Pacific Land enters $500 million undrawn revolving credit facility maturing 2029
On October 23, 2025, Texas Pacific Land entered a $500.0 million revolving credit agreement with Wells Fargo Bank as administrative agent, maturing October 23, 2029. The facility was undrawn at closing, and the company said it enhances liquidity and gives access to capital for capital expenditures, working capital, acquisitions and general purposes.
Key points
- Revolving credit facility of up to $500.0 million, with a request option for up to an additional $250.0 million in commitments
- Interest of SOFR plus 2.25% to 2.50%, or base rate plus 1.25% to 1.50%, depending on the consolidated total leverage ratio
- Covenants require an interest coverage ratio of at least 3.0 to 1.0 and a total leverage ratio no greater than 3.50 to 1.0; borrowings are unsecured unless leverage exceeds 2.50 to 1.0
- The facility remained undrawn; the filing cites events of default that could accelerate obligations
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 27, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.