Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Acacia Research Corp. (ACTG) has provided an announcement.
On April 17, 2024, Benchmark Energy II, LLC, a subsidiary of Acacia Research Corporation, finalized a significant acquisition of oil and gas assets in Texas and Oklahoma for $145 million, enhancing its operational footprint with approximately 140,000 net acres and interests in 470 producing wells. To finance the deal, Benchmark secured a $150 million revolving credit facility, of which $85 million was immediately available, and drew $82.7 million at closing. The credit facility, maturing in three years, is backed by all assets of BE Anadarko and includes interest rates based on the Adjusted Term SOFR Margin Rate plus a 3.00% to 4.00% margin. This strategic move, funded through a mix of credit, company cash, and investor contributions, cements Benchmark’s position in the energy sector, with the Company now holding a 73.5% interest in Benchmark post-transaction.
Find detailed analytics on ACTG stock on TipRanks’ Stock Analysis page.
