PBT Land & Minerals, Inc.

$250m committed across 1 active facility, next covenant test Sep 30, 2026.

Oil Royalty Traders

Recent changes

  1. Sep 3, 2026PBT Land & Minerals, Inc. signs $250m Credit Agreement, matures May 2031SEC ↗
Tested quarterlyHeadroom not yet measured3.50x

Equity cure available.

The Borrower will not permit, as of the last day of any Rolling Period commencing with the Rolling Period ending on September 30, 2026, the Consolidated Total Leverage Ratio to exceed 3.50 to 1.00.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.00

Equity cure available.

The Borrower will not permit, as of the last day of any fiscal quarter, commencing with the fiscal quarter ending September 30, 2026, the ratio of (i) consolidated current assets ... to (ii) consolidated current liabilities ... to be less than 1.00 to 1.00.
Read the filing on sec.gov ↗

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Credit Agreement

Signed Jun 1, 2026

Committed
$250m
Matures
May 2031
Agent
JPMorgan Chase Bank, N.A.
TrancheSizeMaturesMargin
Revolving credit facility$250mMay 2031225–325 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level Level 1< 25%225 bpsn/a
Level Level 2≥ 25% but < 50%250 bpsn/a
Level Level 3≥ 50% but < 75%275 bpsn/a
Level Level 4≥ 75% but < 90%300 bpsn/a
Level Level 5≥ 90%325 bpsn/a
Level Fee Level 1< 25%n/a38 bps
Level Fee Level 2≥ 25% but < 50%n/a38 bps
Level Fee Level 3≥ 50% but < 75%n/a50 bps
Level Fee Level 4≥ 75% but < 90%n/a50 bps
Level Fee Level 5≥ 90%n/a50 bps

Lenders: JPMorgan Chase Bank, N.A., BOKF, NA (dba Bank of Texas), Capital One, National Association, Citigroup Global Markets Inc., Fifth Third Bank, National Association, Regions Bank, Royal Bank of Canada, U.S. Bank National Association, Wells Fargo Securities, LLC

No amendments on file yet.

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