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CrownRock gets tenders for 90.15% of 7 1/8% notes, 88.99% of 7¾% notes
By Susanna Moon
Chicago, Oct. 11 – CrownRock LP said investors had tendered $365,114,000, or 90.15%, of its 7 1/8% senior notes due 2021 and $311,464,000, or 88.99%, of its 7¾% senior notes due 2023 in the offer that ended at 5 p.m. ET on Oct. 10.
The purchase price per $1,000 principal amount will be $1,039.38 for the 7 1/8% notes and $1,078.03 for the 7¾% notes.
Holders will also receive accrued interest up to but excluding the settlement date of Oct. 11.
For the 7 1/8% notes, the tender tally includes $5 million of notes held by an affiliate of CrownRock and excludes $620,000 of notes tendered under guaranteed delivery procedures, according to a company announcement.
CrownRock said it expects to accept all of the tendered notes for purchase on Wednesday with settlement for notes tendered under guaranteed delivery procedures set for Friday.
The issuer is also calling any remaining notes for redemption on Nov. 10 using proceeds of new notes.
As reported, CrownRock, LP and CrownRock Finance, Inc. priced $1 billion of eight-year senior notes at par to yield 5 5/8% on Oct. 2, when the tenders began.
CrownRock Finance, a wholly owned subsidiary of the company, is a co-issuer of each series.
Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653) is the dealer manager. D.F. King & Co., Inc. (877 478-5042, 212 269-5550 or dfking.com/crlp) is the tender agent and information agent.
CrownRock is a Midland, Texas-based oil and gas-producing joint venture of CrownQuest Operating and Lime Rock Partners that focuses on operations in the Permian Basin region of western Texas.
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