Crescent Energy prices upsized $690M of 2.75% convertible notes due 2031

Crescent Energy Co

Issued $690M aggregate principal of 2.75% Convertible Senior Notes due 2031, including full exercise of $90M over-allotment.
Initial conversion price ~$14.89/share, a 32.5% premium to March 3 close of $11.24.
Capped call transactions (cost ~$57M) with cap price $22.48/share to offset dilution up to 100% premium.
Net proceeds to redeem all outstanding 9.250% Senior Notes due 2028 ($512M) and for general corporate purposes.

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