PDC Energy reports tenders of $448 million 6¼% senior notes due 2025

By Wendy Van Sickle

Columbus, Ohio, Feb. 21 – PDC Energy, Inc. said it received and accepted tenders of $448 million principal amount of notes under its offer to repurchase its outstanding $550 million of 6¼% senior notes due 2025 (Cusip: 78470VAC2) at 101% of par plus accrued interest.

The offer expired at 5 p.m. ET on Feb. 18.

The offer was announced on Jan. 17 and was conducted in connection with PDC’s acquisition of SRC Energy Inc., according to a press release. The notes were originally issued by SRC and were assumed by PDC as a result of the merger. The offer satisfies PDC’s obligation to make an offer to purchase all of the notes in connection with any change of control.

Following settlement of the tender, which took place on Friday, $102 million of the notes remain outstanding.

U.S. Bank NA is the trustee.

PDC and SRC are oil and gas exploration and production companies based in Denver.

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