By Abigail W. Adams
Portland, Me., Dec. 5 – Crescent Energy Co. priced a $150 million add-on to Crescent Energy Finance LLC’s 9¼% senior notes due Feb. 15, 2028 (B1/BB-/BB-) at 102.125 to yield 8.467% in a Tuesday drive-by, according to a market source.
Price talk was for a reoffer price in the 102 area. Early guidance was for a reoffer price in the high 101 area.
RBC Capital Markets LLC led the Rule 144A and Regulation S sale.
BofA Securities Inc., J.P. Morgan Securities LLC, KKR Capital Markets LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, Capital One Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., and Truist Securities Inc. were also joint bookrunners.
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.
| Issuer: | Crescent Energy Co.
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| Amount: | $150 million
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| Issue: | Add-on to senior notes
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| Maturity: | Feb. 15, 2028
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| Lead left bookrunner: | RBC Capital Markets LLC
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| Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, KKR Capital Markets LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, Capital One Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc. and Truist Securities Inc.
|
| Coupon: | 9¼%
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| Price: | 102.125
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| Yield: | 8.467%
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| First call: | Feb. 15, 2025 at 104.625
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| Trade date: | Dec. 5
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| Settlement date: | Dec. 8
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| Ratings: | Moody’s: B1
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| S&P: BB-
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 102 area
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| Marketing: | Drive-by
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| Original issue: | $400 million priced in January 2023
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| Previous add-ons: | $300 million priced in July 2023; $150 million priced in September 2023
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