Crescent Energy Co (CRGY): debt financing — Crescent Energy issues $700M 7.625% senior notes due 2032, tenders 63% of existing 7.25% notes due 2026

Crescent Energy Co

Issued $700M aggregate principal of 7.625% senior notes due April 1, 2032; interest payable April 1 and October 1 starting Oct 2024.
Tender offer expired March 25, 2024: $442.3M (63.18%) of outstanding 7.25% senior notes due 2026 validly tendered.
Remaining $253M of 2026 notes to be redeemed on May 1, 2024 using net proceeds from new notes and credit facility.
New notes are senior unsecured, guaranteed by existing subsidiary guarantors; not guaranteed by parent Crescent Energy or OpCo.
Net proceeds used to fund tender offer and redemption; initial partial redemption price for new notes is 107.625%.

item 1.01 item 2.03 item 1.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Crescent Energy Co incurred senior notes of $700.0 million aggregate principal amount with U.S. Bank Trust Company, National Association at 7.625% per annum maturing April 1, 2032.

Instrument: senior notes
Principal: $700.0 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.625% per annum
Maturity: April 1, 2032
Event: incurrence

Exact text from the filing

On March 26, 2024, the Issuer issued $700.0 million aggregate principal amount of its 7.625% senior notes due 2032 (the “Notes”).

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Source: SEC EDGAR

accession 0001628280-24-013622

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