(Source: Shutterstock, Crescent, Silverbow, Hart Energy Archives)
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
‘Hydrogen is Happening’: Chevron Pushes Ahead Despite Industry Doubts
2024-11-06 - Facing a myriad of challenges that include policy uncertainty and costs, companies such as Chevron are moving forward with projects and partners to make progress.
US Hydrogen Concerns Linger as Next Administration Nears White House
2024-12-11 - BP, EDP Renewables, Inpex and Plug Power executives discuss the state of hydrogen and the hydrogen production tax credit.
Exxon Mobil Targets $2B More Earnings from Low Carbon Solutions
2024-12-17 - Exxon Mobil executives say the pace of growth for areas such as CCS, hydrogen and lithium vary due to uncertainty.
Air Liquide, TotalEnergies Partner to Produce Hydrogen
2024-11-25 - The hydrogen will be produced and used at Air Liquide and TotalEnergies' La Mède biorefinery in France to produce biodiesel and sustainable aviation fuel.
Halliburton Leverages Century of Subsurface Experience for Hydrogen
2024-10-14 - Halliburton’s Nathan Snoke said the company’s 105 years of experience focused on the subsurface enables it to store hydrogen underground and at a lower cost.
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.