Crescent Energy to sell $250 million tap of 9¼% senior notes due 2028 in Monday drive-by

By Paul A. Harris

Portland, Ore., July 17 – Crescent Energy Co. plans to price a $250 million add-on to the Crescent Energy Finance LLC 9¼% senior notes due Feb. 15, 2028 (B1/BB) in a Monday drive-by, according to market sources.

Initial price talk is in the 97.5 area, a sellside source said.

The Rule 144A and Regulation S for life add-on notes become callable on Feb. 15, 2025 at 104.625, with the call premium declining ratably to par after Feb. 15, 2027.

BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, KKR Capital Markets LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, Capital One Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc. and Truist Securities Inc. are the joint bookrunners.

The Houston-based independent energy company plans to use the proceeds to repay debt under its revolver.

The original $400 million issue priced in January 2023.

The add-on notes will immediately become fungible with the original notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.