PBT Land & Minerals, Inc.
PBT Land & Minerals, Inc., a newly formed Texas corporation, filed Amendment No. 2 to its S-1 registration statement for a non-transferable subscription rights offering. The offering distributes rights to Permian Basin Royalty Trust unitholders to purchase Class A Shares, with aggregate gross proceeds expected to reach $120.0 million. Proceeds fund the Business Combination acquiring the Trust's assets plus oil and gas mineral interests from Blackbeard Holdings and Greybeard Energy.
- Newly formed PBT Land & Minerals is acquiring assets from Permian Basin Royalty Trust, Blackbeard Holdings, and Greybeard Energy.
- The rights offering targets $120.0 million in aggregate gross proceeds, fully backstopped by SoftVest and Horizon Kinetics.
- Backstop Purchasers have committed up to $71.2 million ($35.6 million each) for any unsubscribed shares.
- Blackbeard Security and Greybeard Energy will own 40.7% of New PBT post-offering if no other unitholders exercise rights.
- Class A Shares are expected to list on NYSE and NYSE Texas under symbol 'PBT' following the Business Combination.
Price data unavailable.
A publicly traded royalty trust is being converted into an operating C-corp while simultaneously acquiring private Permian Basin assets — a complex structural transformation with $120M in new capital.
This transaction converts the publicly traded Permian Basin Royalty Trust into a C-corp structure while simultaneously rolling in private Permian Basin mineral and operating assets from Blackbeard and Greybeard, creating a vertically integrated E&P entity.
Unitholders who do not exercise Subscription Rights face dilution of their proportional ownership. The Rights Offering is contingent on Unitholder approval of the Business Combination and completion of the Blackbeard Contribution Closing; failure of either condition terminates the offering. No prior
Get filings like this before the market reacts.
Real-time SEC filing alerts, AI summaries, and a free daily digest — plus portfolio tracking that ties filings to your positions.