LandBridge Company LLC, through its subsidiary DBR Land Holdings LLC, announced a $500 million senior notes offering to qualified institutional buyers via a private placement. The notes will be issued at a fixed rate and are expected to mature in 2028, providing a longer‑term debt structure for the subsidiary.
The offering is paired with a new $275 million revolving credit facility that carries a variable interest rate and matures on June 30, 2030. Proceeds from the notes will be used to repay and terminate the existing credit facility, thereby reducing interest expense and extending the debt maturity profile.
The announcement follows LandBridge’s Q3 2025 results, which reported revenue of $50.8 million—up 78 % year‑over‑year—and adjusted EBITDA of $44.9 million, up 79 % year‑over‑year. These strong earnings underpin confidence in the refinancing and support ongoing operations and strategic land‑development initiatives.
Management highlighted that the debt refinancing will improve liquidity and raise the projected debt service coverage ratio to 5.0× after the transaction. The new credit facility also offers flexibility for future acquisitions and capital expenditures in energy and digital‑infrastructure projects.
The announcement comes after a secondary public offering of 2.5 million Class A shares closed on November 18, 2025, generating $175 million for the selling shareholder. While the proceeds from the notes do not benefit the parent company directly, they strengthen the subsidiary’s balance sheet and support its land‑management strategy.
Market observers noted that LandBridge’s stock had experienced significant volatility in the week leading up to the announcement, reflecting investor caution amid broader market conditions. The company’s strong cash flow and strategic focus on land for energy and infrastructure development are viewed as key drivers of its financial resilience.
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