Crescent Energy’s financial arm Crescent Energy Finance LLC is offering for sale $750 million aggregate principal amount of senior notes due 2033, according to the Houston-based company’s June 13 press release.
Crescent intends to use the proceeds to fund the cash portion of its merger with SilverBow Resources and to repay SilverBow’s outstanding debt at the time of the transaction’s closing.
The notes will be guaranteed on a senior unsecured basis by Crescent’s subsidiaries that guarantee Crescent’s existing notes and indebtedness under its revolving credit facility.
However, if the merger has not been completed by May 22, 2025, the SilverBow agreement will be terminated or amended, affecting shareholder interests, Crescent said in its June 13 press release.
RELATED
Crescent Energy to Buy Eagle Ford’s SilverBow for $2.1 Billion
Once the transaction closes, SilverBow shareholders will receive 3.125 shares of Crescent’s Class A common stock per SilverBow common stock, with the option to receive all or a portion of the proceeds in cash at a value of $38 per share.
Recommended Reading
Growth Through M&A: The Making of an Eagle Ford and Uinta Giant
2024-10-04 - Crescent Energy CEO discusses the expanding gravitational pull of Crescent after acquiring SilverBow and others.
Crescent Energy Bolts On Oil-weighted Eagle Ford Acreage
2024-09-04 - The deal, Crescent said, builds on the company’s Eagle Ford M&A in the past 18 months, including its recent $2.1 billion acquisition of SilverBow Resources.
Crescent to Double, Largely Through M&A, in the Next Five Years, CEO Says
2024-10-23 - Crescent Energy CEO David Rockecharlie said that after closing the SilverBow acquisition, the company is continuing to hunt for new assets, although few make it past the company’s screening process.
Tellurian’s Dismissed Founder Souki Builds Woodside Stake After Deal
2024-09-13 - U.S. LNG export developer Charif Souki spoke to Hart Energy post-ousting from his second LNG company, Tellurian Inc. He’s buying shares in Tellurian’s buyer, Woodside Energy.
WhiteHawk Badgers Response from PHX on Acquisition Offer
2024-11-12 - WhiteHawk Energy’s move follows months of unsuccessful attempts to engage PHX Mineral's leadership, including a previous stock-for-stock merger proposal in August 2023.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.