New Issue: Crescent Energy prices $700 million 7 5/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., March 19 – Crescent Energy Co. priced a $700 million issue of Crescent Energy Finance LLC eight-year senior notes (B1/BB-/BB-) at par to yield 7 5/8% in a Tuesday drive-by, according to market sources.

The yield came at the tight end of yield talk in the 7¾% area. Initial guidance was in the 8% to 8¼% area.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, KKR Capital Markets LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, Capital One Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc. and Truist Securities Inc.

The Houston-based independent energy company plans to use the proceeds plus a draw on its revolving credit facility to fund the tender/redemption of its 7¼% senior notes due 2026.

Issuer:	Crescent Energy Finance LLC
Amount:	$700 million
Issue:	Senior notes
Maturity:	April 1, 2032
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, KKR Capital Markets LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, Capital One Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc. and Truist Securities Inc.
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Spread:	331 bps
First call:	April 1, 2027 at 103.813
Trade date:	March 19
Settlement date:	March 26
Ratings:	Moody’s: B1
	S&P: BB-
	Fitch: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	7¾% area
Marketing:	Drive-by

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