Cabot Oil/Coterra gives final results of Cimarex exchange

Chicago, Oct. 6 – Cabot Oil & Gas Corp., now Coterra Energy Inc., announced the final participation results for its offer to exchange up to $2 billion outstanding notes of three series issued by Cimarex Energy Co. for new notes issued by Coterra and cash, according to a news release on Wednesday.

As of the expiration time at 11:59 p.m. ET on Oct. 5, noteholders tendered $1.83 billion principal amount, or 91.3%, of the existing Cimarex notes.

The final amounts tendered were:

• $705,503,000, or 94.07%, of the $750 million outstanding of 4.375% senior notes due June 1, 2024 (Cusip: 171798AC5);

• $687,282,000, or 91.64%, of the $750 million of 3.9% senior notes due May 15, 2027 (Cusip: 171798AD3); and

• $433,188,000, or 86.64%, of the $500 million of 4.375% senior notes due March 15, 2029 (Cusip: 171798AE1).

For each $1,000 of existing notes from each series tendered for exchange, noteholders were being offered a total consideration $1,000 of new notes with the same tenor and coupon plus $1 in cash.

The total consideration in each case included an early participation premium of $30 of new notes per $1,000 of existing notes and the $1 in cash.

The exchange offer was being made in connection with the merger of Cimarex/Coterra and a wholly owned subsidiary of Cabot.

The merger transaction was completed on Oct. 1. Cimarex survived the merger as a subsidiary of Coterra.

The early deadline was also the withdrawal deadline.

The company was concurrently running consent solicitations to adopt proposed amendments to each of the indentures governing the existing Cimarex notes to eliminate some covenants, restrictive provisions and events of default.

The requisite number of consents were received for each series and Cimarex entered into a supplemental indenture with the trustee for each series.

The exchange offers and consent solicitations were conditioned on completion of the others. The offers and solicitations were also subject to the completion of the merger.

The final settlement of the offers will take place on Oct. 7.

D.F. King & Co., Inc. (800 714-3311, 212 269-5550 or cimarex@dfking.com) is the exchange agent and information agent

Coterra is a Houston-based independent natural gas producer. Cimarex is an oil and gas company based in Denver.

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