SM Energy issues $1.5B in senior notes, redeems $349.1M of 5.625% notes due 2025

SM Energy Co

Issued $750M 6.750% Senior Notes due 2029 and $750M 7.000% Senior Notes due 2032 on July 25, 2024.
Proceeds used to redeem $349.1M of 5.625% Senior Notes due 2025 on Aug 26, 2024 at par plus accrued interest.
Bridge loan commitment of $1.2B expired upon note issuance; notes have special mandatory redemption tied to XCL Acquisition closing by July 1, 2025.
Indenture includes typical covenants limiting debt, dividends, asset sales, and liens; investment-grade rating would suspend certain covenants.
Redemption prices start at 106.75% (2029 notes) or 107% (2032 notes) for equity-clause redemptions; make-whole call options apply before certain dates.

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