PE-backed Brigham Minerals goes public


Austin-based Brigham Minerals, owner of oil and gas mineral royalty interests, has debuted its IPO after pricing its 14.5 million shares at $18 per share. The stock began trading April 18, 2019 on the New York Stock Exchange under the ticker symbol “MNRL.” Credit Suisse Securities (USA) LLC and Goldman Sachs are the lead underwriters. Brigham Minerals’ pre-IPO backers included Warburg Pincus and Yorktown Partners.

Correction: An earlier version of this news report incorrectly stated the date that Brigham Minerals began trading its stock on the New York Stock Exchange. It has since been corrected. 

PRESS RELEASE

AUSTIN, Texas–(BUSINESS WIRE)–Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals”) announced today the pricing of its upsized initial public offering of 14,500,000 shares of its Class A common stock (“common stock”) at $18.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “MNRL” on April 18, 2019. In addition, Brigham Minerals granted the underwriters a 30-day option to purchase up to an additional 2,175,000 shares of its common stock. The offering is expected to close on April 23, 2019, subject to customary closing conditions.

Brigham Minerals intends to contribute the total net proceeds of approximately $240.6 million, or $277.4 million if the underwriters exercise in full their option to purchase additional shares, to its subsidiary, Brigham Minerals Holdings, LLC (“Brigham LLC”) in exchange for limited liability company units in Brigham LLC. Brigham LLC intends to use a portion of the net proceeds to repay borrowings incurred under its credit facility and the remainder to fund Brigham Minerals’ future mineral and royalty interests acquisitions.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC acted as lead book-running managers and Barclays Capital Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC also acted as book-running managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the prospectus may be obtained from:

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
Eleven Madison Avenue, 3rd floor
New York, NY 10010
Telephone: 1-800-221-1037
[email protected]

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: (866) 471-2526
[email protected]

About Brigham Minerals, Inc.
Brigham Minerals is an Austin, TX based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States, including the Permian Basin in Texas and New Mexico, the SCOOP and STACK plays in the Anadarko Basin of Oklahoma, the Denver-Julesburg (“DJ”) Basin in Colorado and Wyoming, and the Williston Basin in North Dakota. Brigham Minerals’ primary business objective is to maximize risk-adjusted total return to its shareholders by both capturing organic growth in free cash flow from the continued development of its existing portfolio of undeveloped horizontal drilling locations unburdened by development capital expenditures or lease operating expenses, as well as leveraging its highly experienced technical evaluation team to continue to execute upon its scalable business model of sourcing, methodically evaluating and integrating accretive minerals acquisitions in the core of these top-tier, liquids-rich resource plays.

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