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Prospect News home > News index > List of issuers C > Headlines for Crescent Energy Co. > News item
Published on 3/19/2024 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

S&P gives BB- to Crescent Energy notes

S&P said it assigned BB- issue-level and 2 recovery ratings to Crescent Energy Co.'s new $700 million of senior unsecured notes due 2032. Subsidiary Crescent Energy Finance LLC will issue the notes. The 2 recovery rating indicates substantial (70%-90%; capped at 85%) recovery of principal by creditors if Crescent defaults.

Crescent will use the proceeds to fund the redemption of its $700 million 7¼% senior unsecured notes due 2026, also rated BB- with a 2 recovery rating, and for general corporate purposes. The company has announced a tender offer for its 2026 notes at 101.883.

The outlook is stable.


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