secwatch.observer — SEC 8-K summary
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Issuer:     CIVITAS RESOURCES, INC. (—)
CIK:        0001509589
Form:       8-K
Filed at:   2023-06-29T23:59:59+00:00
Accession:  0001104659-23-076340
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Civitas issues $2.7B in 8.375% and 8.75% senior notes to fund Hibernia/Tap Rock acquisitions
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- Issued $1.35B of 8.375% Senior Notes due 2028 and $1.35B of 8.750% Senior Notes due 2031, total $2.7B.
- Net proceeds, plus cash on hand and credit facility borrowings, will fund Hibernia Energy III and Tap Rock Resources acquisitions.
- Notes subject to special mandatory redemption if acquisitions not closed by Oct 31, 2023: up to $850M for Hibernia, $600M for Tap Rock, or 100% if neither closes.
- Interest payable semi-annually; first payment Jan 1, 2024. Notes guaranteed by all existing and future subsidiary guarantors.
- Notes priced with make-whole call provisions; 35% can be redeemed with equity offering proceeds at 108.375%/108.750% of par.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1509589/000110465923076340/0001104659-23-076340-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1509589/000110465923076340/tm2320046d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-076340

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