(Source: Utah Geological Survey, Crescent Energy)
Crescent Energy’s financial arm Crescent Energy Finance LLC has priced its private placement of $250 million aggregate principal amount of 7.375% senior notes due 2033, Crescent announced Sept. 4.
Crescent said it intends to use the net proceeds from this offering to repay a portion of the amounts outstanding under its revolving credit facility.
The notes are being offered as an addition pursuant to the previously issued $750 million aggregate principal amount of 7.375% senior notes due 2033, which Crescent announced in June.
The notes mature on Jan. 15, 2033, and will pay interest at the rate of 7.375% per year, payable on Jan. 15 and July 15 of each year, with interest payments on the notes commencing Jan. 15, 2025.
The notes were priced at 101% of par, plus accrued and unpaid interest from June’s offer.
This offering is expected to close on Sept. 9, subject to customary closing conditions.
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