Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) announced today the
pricing of a public offering by Enduro Resource Partners LLC (“Enduro”)
of 11,200,000 trust units at a price of $13.85 per unit. Enduro also
granted the underwriters a 30-day option to purchase up to an additional
1,680,000 trust units at the public offering price, less the
underwriting discount. The offering is expected to close on October 2,
2013, subject to customary closing conditions. The Trust will not sell
any trust units in the offering and will not receive any proceeds from
the offering. Enduro intends to use the net proceeds from the sale of
its trust units to pay down a portion of the outstanding borrowings
under its senior secured credit facility.
Barclays, Citigroup, Goldman, Sachs & Co., J.P. Morgan and Wells Fargo
Securities are serving as the joint book-running managers of this
offering. RBC Capital Markets and Ladenburg Thalmann & Co. Inc. are
serving as co-managers.
The trust units will be sold pursuant to a prospectus supplement and
accompanying prospectus as part of an effective shelf registration
statement filed by the Trust with the Securities and Exchange Commission
(the “SEC”). Copies of the registration statement can be accessed
through the SEC’s website at www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus for this
offering may be obtained from the offices of:
Barclays
c/o Broadridge Financial Solutions
1155 Long Island
Avenue
Edgewood, New York 11717
Phone: (888) 603-5847
barclaysprospectus@broadridge.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island
Avenue
Edgewood, New York 11717
Phone: (800) 831-9146
batprospectusdept@citi.com
Goldman, Sachs & Co.
Attn: Prospectus Department
200 West
Street
New York, New York 10282
Phone: (866) 471-2526
prospectus-ny@ny.email.gs.com
J.P. Morgan
Attn: Broadridge Financial Solutions
1155 Long
Island Avenue
Edgewood, New York 11717
Phone: (866) 803-9204
Wells Fargo Securities
Attn: Equity Syndicate Department
375
Park Avenue
New York, New York 10152
Phone: (800) 316-5897
cmclientsupport@wellsfargo.com
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such state or
jurisdiction.
About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by Enduro 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
of Enduro’s properties in the states of Texas, Louisiana and New Mexico.
About Enduro Resource Partners LLC
Enduro Resource Partners LLC is a privately held Delaware limited
liability company formed on March 3, 2010 and engaged in the production
and development of oil and natural gas from properties located in Texas,
Louisiana, New Mexico, Wyoming and North Dakota.
Cautionary Statement Regarding Forward-Looking
Information
This press release includes statements, including those related to the
offering of trust units, that are “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. All statements contained in this press release, other than
statements of historical fact, are “forward-looking statements” for
purposes of these provisions. No assurances can be given that the
offering discussed herein will be completed within a particular time
frame, if at all. Neither Enduro nor the trustee intends, and neither
assumes any obligation, to update any of the statements included in this
press release. An investment in trust units is subject to the risks
described in the Trust’s filings with the SEC, including the risks
described in the Trust’s Annual Report on Form 10-K for the year ended
December 31, 2012, filed with the SEC on March 18, 2013.
Copyright Business Wire 2013