Crescent Energy begins tender offer for 7¼% senior notes due 2026

By Marisa Wong

Los Angeles, March 19 – Crescent Energy Finance LLC, a wholly owned subsidiary of Crescent Energy Co., has begun a cash tender offer to purchase any and all of its $700 million outstanding 7¼% senior notes due 2026 (Cusip: 45344LAA1, U4526LAA5), according to a Tuesday press release.

Crescent Energy is offering to purchase the notes at $1,018.83 per $1,000 principal amount, plus accrued interest.

The offer will expire at 5 p.m. ET on March 25.

Tenders may be withdrawn at any time before the expiration time.

Settlement is expected to be on March 26. Settlement for any notes tendered under guaranteed delivery procedures is expected to be on March 28.

The company said it intends to redeem any notes that are not repurchased in the tender offer on May 1.

The tender offer and redemption are conditioned on completion of a concurrent new notes offering, but the tender offer is not conditioned on any minimum amount of existing notes being tendered.

The company said it plans to use proceeds from the new notes, together with borrowings under its revolving credit facility, if needed, to fund the tender offer and the redemption.

BofA Securities is dealer manager for the tender offer (888 292-0070, 646 743-2120 or debt_advisory@bofa.com).

Global Bondholder Services Corp. is the tender agent and information agent (855 654-2014 or, for banks and brokers, 212 430-3774; https://www.gbsc-usa.com/crescentenergyco/).

Crescent Energy is a Houston-based energy company with a portfolio of assets concentrated in Texas and the Rockies.

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