Vital Energy prices $800M of 7.875% senior notes due 2032; launches tender offers for up to $550M of higher-coupon notes

Vital Energy, Inc.

Upsized private offering to $800M of 7.875% senior unsecured notes due 2032, priced at par; net proceeds ~$786M.
Tender offers for up to $475M of 10.125% notes due 2028 and $75M of 9.750% notes due 2030, plus early tender premium of $50 per $1,000.
Use of proceeds includes funding tender offers, repaying credit facility, paying fees; expected close March 28, 2024.
Refinancing targets high-cost debt, potentially lowering annual interest expense and extending maturity profile.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vital Energy, Inc. entered into Purchase Agreement with BofA Securities, Inc., as representative of the several initial purchasers named in Schedule A to the Purchase Agreement valued at $800.0 million aggregate principal amount (effective 2024-03-14).

Action: entry
Agreement: notes offering
Counterparty: BofA Securities, Inc., as representative of the several initial purchasers named in Schedule A to the Purchase Agreement
Value: $800.0 million aggregate principal amount
Effective: 2024-03-14

Exact text from the filing

On March 14, 2024, Vital Energy, Inc. (the “Company”) and its wholly-owned subsidiary, Vital Midstream Services, LLC, entered into a purchase agreement (the “Purchase Agreement”) with BofA Securities, Inc., as representative of the several initial purchasers named in Schedule A to the Purchase Agreement (together, the “Initial Purchasers”), providing for the offer and sale by the Company (the “Offering”) of $800.0 million aggregate principal amount of the Company’s 7.875% senior unsecured notes due 2032 (the “Notes”).

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Source: SEC EDGAR

accession 0001104659-24-034795

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