Crescent Energy Company (NYSE: CRGY) announced today that its subsidiary, Crescent Energy Finance LLC (the “Issuer”), intends to offer $750 million aggregate principal amount of Senior Notes due 2033, subject to market conditions. The Notes will be offered under Rule 144A and Regulation S of the Securities Act of 1933, as amended, to eligible purchasers. These Notes will be guaranteed on a senior unsecured basis by all subsidiaries of the Issuer that guarantee its existing notes and revolving credit facility debt.
The net proceeds from the offering are intended to fund the cash portion of the consideration for the pending merger with SilverBow Resources, Inc. (“SilverBow”). Any remaining proceeds will be used to repay SilverBow’s existing indebtedness following completion of the merger, with potential use to also repay amounts under the revolving credit facility. If the merger is not completed by May 22, 2025, or certain conditions are not met, the Issuer will be required to redeem all outstanding Notes at 100% of their initial issue price plus accrued and unpaid interest.
The Notes and guarantees have not been registered under the Securities Act or state securities laws and may only be offered or sold in the United States to qualified institutional buyers under Rule 144A or outside the United States under Regulation S, absent registration or an applicable exemption.
Crescent Energy plans to proceed with the offering, targeting qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
