Crescent to start roadshow Wednesday for $325 million seven-year notes

By Paul A. Harris

Portland, Ore., July 24 - Crescent Resources, LLC, along with subsidiary Crescent Ventures, Inc., plans to start a roadshow on Wednesday for a $325 million offering of seven-year senior secured notes (expected ratings Caa2/B+), according to a syndicate source.

The Rule 144A for life deal is set to price during the middle part of the July 30 week.

Jefferies & Co., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint bookrunners.

The notes will become callable in three years at par plus 75% of the coupon.

Proceeds, together with $50 million of new equity from sponsors Anchorage Capital Master Offshore, Ltd. and MatlinPatterson Global Opportunities Partners III LP, will be used to repay existing debt and to fund general corporate purposes.

Crescent Resources is a diversified private real estate operating company based in Charlotte, N.C.

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