WhiteHawk Income Corp Completes Internalization Transaction
WhiteHawk Income Corp. (WHK) has completed an 'Internalization' transaction where its operating partnership, WhiteHawk OpCo, acquired all equity interests in ManagementCo from WhiteHawk Minerals LLC. This makes the company internally managed. The transaction involved the issuance of 3,750,000 common units and 3,750,000 Class B shares, with potential for an additional earnout based on EBITDA targets. Several related agreements, including a Contribution Agreement, Amended and Restated Limited Partnership Agreement, and Registration Rights Agreement, were executed. Additionally, the company amended its revolving credit facility and updated the issuer under its note purchase agreement.
Key Highlights
- WhiteHawk OpCo acquired all equity interests in ManagementCo from Management Contributor for 3,750,000 common units and 3,750,000 Class B shares.
- The acquisition is part of an 'Internalization' process, making the Company internally managed.
- An earnout of up to 1,250,000 additional units and Class B shares is contingent on Adjusted EBITDA targets.
- The Company entered into a Contribution Agreement, an Amended and Restated Limited Partnership Agreement, and a Registration Rights Agreement.
- The Company also amended its Revolving Credit Facility to reallocate commitments and admit new lenders.
- The Issuer under the Existing Note Purchase Agreement was changed from WhiteHawk Income Corporation to WhiteHawk Income Operating Partnership L.P.
Price Impact
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