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Crescent Energy sees tenders for $442.29 million 7¼% notes due 2026
By Marisa Wong
Los Angeles, March 26 – Crescent Energy Finance LLC, a wholly owned subsidiary of Crescent Energy Co., announced results of its cash tender offer to purchase any and all of its $700 million outstanding 7¼% senior notes due 2026 (Cusip: 45344LAA1, U4526LAA5).
As of the expiration of the offer at 5 p.m. ET on March 25, holders had tendered $442,291,000, or 63.18%, of the outstanding notes, according to a Tuesday press release.
That amount tendered excludes $4,648,000 of notes tendered under guaranteed delivery procedures.
The company expects to accept for purchase all of the tendered notes and to make payment for those notes on Tuesday.
The company will pay $1,018.83 per $1,000 principal amount, plus accrued interest.
Settlement for notes tendered under guaranteed delivery procedures is expected to be March 28.
The company said it intends to redeem any notes that are not repurchased in the tender offer on May 1.
The tender offer and redemption are conditioned on completion of a concurrent new notes offering, but the tender offer is not conditioned on any minimum amount of existing notes being tendered.
The company said it plans to use proceeds from the new notes, together with borrowings under its revolving credit facility, if needed, to fund the tender offer and the redemption.
BofA Securities is dealer manager for the tender offer (888 292-0070, 646 743-2120 or debt_advisory@bofa.com).
Global Bondholder Services Corp. is the tender agent and information agent (855 654-2014 or, for banks and brokers, 212 430-3774; https://www.gbsc-usa.com/crescentenergyco/).
Crescent Energy is a Houston-based energy company with a portfolio of assets concentrated in Texas and the Rockies.
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