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Crescent Energy driving by with third add-on to 9¼% notes due 2028
Chicago, Dec. 5 – Crescent Energy Co. is expected in the Tuesday junk bond market with a third add-on offering to the Crescent Energy Finance LLC 9¼% senior notes due Feb. 15, 2028, according to an 8-K filing with the Securities and Exchange Commission and a market source.
Early guidance on the reoffer price is in the high 101s.
RBC Capital Markets LLC is leading the Rule 144A and Regulation S sale.
Proceeds will be used to repay a portion of the company’s revolver borrowings.
The $150 million tap will be consolidated as a single series with the $850 million of notes already issued, first on Feb. 1, 2023, then on July 20 and again on Sept. 12.
The most recent add-on was an upsized $150 million that priced at 101.125 to yield 8.858%.
The issuer is a Houston-based independent energy company.
Abigail W. Adams contributed to this story.
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