Permian Resources driving by with $500 million notes due January 2032; initial talk low-7% area

By Paul A. Harris

Portland, Ore., Sept. 6 – Permian Resources Corp. expects to price a $500 million offering of Permian Resources Operating, LLC senior notes due Jan. 15, 2032 (B2/BB-/BB-) in a Wednesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the low-7% area.

The Rule 144A and Regulation S 8.3-year notes become subject to their first call on Jan. 15, 2027.

J.P. Morgan Securities LLC is leading the notes sale.

The Midland, Tex.-based oil and gas company plans to use the proceeds to repay debt, which may include amounts outstanding under its credit facility and amounts to be assumed in connection with the closing of its merger with Earthstone Energy, Inc.

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