Crescent Energy Co (CRGY): M&A transaction — CRGY closes $600M Western Eagle Ford acquisition; public float rises to 46%

Crescent Energy Co

Closed $600M cash acquisition of operatorship and working interest in Western Eagle Ford assets.
Acquisition expected to add 19-21 MBoe/d net production and $45-55M capex in H2 2023.
Revolving credit facility borrowing base reaffirmed at $2.0B; elected commitments $1.3B.
Pro forma outstanding debt ~$790M; liquidity over $500M.
Converted ~28M private shares to Class A public shares; public float increased to 46%.

item 1.01 item 2.01 item 2.03 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 amended credit facility of borrowing base at $2.0 billion and maintained the elected commitments at $1.3 billion with Wells Fargo Bank, National Association at SOFR plus 2.35% to 3.35% or an adjusted base rate plus 1.25% to 2.25%.

Instrument: credit facility
Principal: borrowing base at $2.0 billion and maintained the elected commitments at $1.3 billion
Counterparty: Wells Fargo Bank, National Association
Rate: SOFR plus 2.35% to 3.35% or an adjusted base rate plus 1.25% to 2.25%
Event: amendment

Exact text from the filing

other lenders and letter of credit issuers party thereto from time to time. Among other things, the Credit Agreement Amendment included a reaffirmation of the borrowing base at $2.0 billion and maintained the elected commitments at $1.3 billion. The Credit Agreement Amendment also maintains the applicable margin, so that loans under the Credit Agreement will

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Crescent Energy Co completed an acquisition involving Javelin EF L.P. for approximately $600 million in cash (closed 2023-07-03).

Action: acquisition
Counterparty: Javelin EF L.P.
Consideration: approximately $600 million in cash
Closing: 2023-07-03

Exact text from the filing

the Seller received aggregate consideration of approximately $600 million in cash, subject to certain customary purchase price adjustments set forth in the Purchase Agreement.

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

Crescent Energy Co amended Fifth Amendment to Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, collateral agent and a letter of credit issuer, and the other lenders and letter of credit issuers party thereto.

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, collateral agent and a letter of credit issuer, and the other lenders and letter of credit issuers party thereto

Exact text from the filing

On the Closing Date, in connection with the Transaction, Crescent Energy Finance LLC (“Crescent Finance”), a subsidiary of the Company, entered into that certain Fifth Amendment to Credit Agreement (the “Credit Agreement Amendment”), which amended the Company’s existing Credit Agreement, dated as of May 6, 2021

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73 debt financings filed in the last 30 days. Browse all debt financings →

Crescent Energy Co filing history →

Source: SEC EDGAR

accession 0001866175-23-000042

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