Crescent Energy to offer $250M of 7.375% Notes due 2033; acquires Central Eagle Ford assets for $168M

Crescent Energy Co

Offering $250M of 7.375% Senior Notes due 2033 in private placement; proceeds to repay revolver.
Acquires Central Eagle Ford assets for $168M cash; expected to close late September 2024.
Acquisition adds ~4,000 Boe/d (85% oil) with ~23% decline rate; includes 30 gross operated locations.
Crescent expects net debt/Adjusted EBITDAX below 1.5x target; leverage roughly unchanged.
Notes will be additional series under existing indenture; total $1B of 7.375% Notes outstanding after offering.

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