Crescent Energy (NYSE): $9.13, -0.65%

CAREERS    OWNERS    VENDORS    CONTACT US
  • ABOUT
    • About Us
    • Executive Team
    • Board of Directors
  • OPERATIONS
  • SUSTAINABILITY
  • INVESTORS
    • Financial Library
    • Press Releases
    • Events & Presentations
    • SEC Filings
    • Committee Composition
    • Email Alerts
    • Analyst Coverage

March 26, 2024

Crescent Energy Announces Expiration and Results of Its Tender Offer for Its 7.250% Senior Notes Due 2026

HOUSTON–(BUSINESS WIRE)–Crescent Energy Finance LLC (“CE Finance”), a wholly owned subsidiary of Crescent Energy Company (NYSE: CRGY) (“Crescent”), announced today that the tender offer (the “Tender Offer”) commenced on March 19, 2024 to purchase any and all of the outstanding 7.250% Senior Notes due 2026 (the “Notes”) expired at 5:00 p.m. New York City time on March 25, 2024 (the “Expiration Time”).

According to Global Bondholder Services Corporation, the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.

Title of Security

CUSIP Number

Principal Amount Outstanding

Principal Amount
Tendered (1)

Percentage of
Principal Amount
Tendered (1)

7.250% Senior Notes due 2026

 

45344LAA1 (144A) /

U4526LAA5 (Reg S)

 

$ 700,000,000

 

$ 442,291,000

 

63.18%

_______________

(1)

Principal amount tendered excludes $4,648,000 aggregate principal amount of the Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase.

CE Finance expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today. The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be March 28, 2024.

CE Finance will use net proceeds from the issuance of $700 million aggregate principal amount of its 7.625% Senior Notes due 2032 (the “New Notes”), which is expected to close today, for the payment of all Notes to be purchased in the Tender Offer. CE Finance’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”). Subject to the completion of the Notes Offering, CE Finance intends to redeem any Notes that are not repurchased in the Tender Offer on May 1, 2024 using net proceeds of the Notes Offering, together with borrowings under Crescent’s revolving credit facility.

The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase and Notice of Guaranteed Delivery, copies of which may be obtained from Global Bondholder Services Corporation, by calling (855) 654-2014 (toll free) or, for banks and brokers, (212) 430-3774. Copies of the Offer to Purchase and Notice of Guaranteed Delivery are also available at the following web address: https://www.gbsc-usa.com/crescentenergyco/.

CE Finance has retained BofA Securities to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to BofA Securities at +1 (888) 292-0070 (toll-free), +1 (646) 743-2120 (collect) or debt_advisory@bofa.com.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offer and does not constitute a notice of redemption for the Notes. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, including the Notes Offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Crescent Energy Company

Crescent Energy Company is a U.S. energy company with a portfolio of assets concentrated in Texas and the Rockies.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “think”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “target”, “goal” and similar expressions identify forward-looking statements and express our expectations about future events. This communication includes statements regarding this tender offer that may contain forward-looking statements within the meaning of federal securities laws. We believe that our expectations are based on reasonable assumptions; however, no assurance can be given that such expectations will prove to be correct. A number of factors could cause actual results to differ materially from the expectations, anticipated results or other forward-looking information expressed in this communication, including weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, uncertainties inherent in estimating natural gas and oil reserves and in projecting future rates of production; our hedging strategy and results, federal and state regulations and laws, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil-producing countries, including recent production cuts by OPEC, the impact of armed conflicts, including in and around Ukraine and Israel, the impact of disruptions in the banking industry and capital markets, the timing and success of business development efforts, including acquisition and disposition opportunities, our reliance on external manager, cost inflation and central bank policy changes associated therewith and other uncertainties. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to, those items identified as such in the most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and the risk factors described thereunder, filed by Crescent Energy Company with the U.S. Securities and Exchange Commission.

Many of such risks, uncertainties and assumptions are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof.

All subsequent written and oral forward-looking statements concerning Crescent Energy Company and CE Finance or other matters and attributable thereto or to any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise these forward-looking statements based on new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240325268689/en/

Brandi KendallIR@crescentenergyco.com

Source: Crescent Energy

Crescent Energy

Crescent Energy Company
600 Travis, Suite 7200
Houston, Texas 77002
United States
+1 (713) 337-4600

About
About Us

Executive Team

Board of Directors

Operations
Sustainability
Investors

Financial Library

Press Releases

Events & Presentation

SEC Filings

Corporate Governance

Contact & Email Alerts

Analyst Coverage

Careers
Owners
Vendors
Contact Us

© Copyright 2024. Crescent Energy. Terms And Conditions | Privacy Policy | Cookie Policy

  • Follow
×

Todd Falk

Chief Accounting Officer

Todd Falk has served as Crescent Energy Company’s Chief Accounting Officer since December 2021, prior to which he served as Vice President, Finance of Crescent’s predecessor entity. Mr. Falk joined KKR in 2018 and is a Managing Director and Chief Accounting Officer of KKR’s Energy Real Assets business. Prior to joining KKR, Mr. Falk served as Director of Finance and Controller of Vitruvian Exploration. Mr. Falk began his career at Deloitte, where as a senior manager he assisted clients with complex financial reporting issues, specializing in initial public offerings and other interactions with the SEC. Mr. Falk has over 18 years of finance and accounting experience in the energy industry, is a Certified Public Accountant and holds a B.S., magna cum laude, in Accounting and an M.S. in Finance from Texas A&M University.

 
×

Clay Rynd

Executive Vice President, Investments

Clay Rynd has served as Crescent Energy Company’s Executive Vice President of Investments since December 2021, prior to which he served as Executive Vice President of Crescent’s predecessor entity. Mr. Rynd joined KKR in 2015 and is currently a Managing Director on the Energy Real Assets team. Prior to joining KKR, Mr. Rynd was with Tudor, Pickering, Holt & Co. in the investment banking division, where he focused primarily on strategic advisory and M&A transactions for companies across the energy sector. Prior to that, he worked within the equity research division at Tudor, Pickering, Holt & Co. Mr. Rynd holds a B.A. in both Economics and History from Texas A&M University.

 
×

Brandi Kendall

Chief Financial Officer and Member of the Board of Directors

Brandi Kendall has served as Crescent Energy Company’s Chief Financial Officer and a director on Crescent’s Board since December 2021, prior to which she served as Chief Financial Officer and member of the Board of Crescent’s predecessor entity. Ms. Kendall joined KKR in 2013 and is currently a Managing Director. Prior to joining KKR, Ms. Kendall served as director, finance and planning at Marlin Midstream and finance associate at NFR Energy. Ms. Kendall began her career in the energy investment banking industry, having held positions at JP Morgan and Tudor, Pickering, Holt & Co. Ms. Kendall earned a BA in Economics, Managerial Studies and Kinesiology from Rice University.

 
×

Bo Shi

General Counsel

Bo Shi has served as Crescent Energy Company’s General Counsel and Corporate Secretary since December 2021, prior to which he served as General Counsel of Crescent’s predecessor entity. Prior to joining the Company, Mr. Shi worked as a Senior Associate at Vinson & Elkins L.L.P and Senior Counsel at IPSCO Tubulars Inc. Mr. Shi received a J.D. from Harvard Law School and a B.A. in Political Science and Policy Studies from Rice University.

 
×

David Rockecharlie

Chief Executive Officer and Member of the Board of Directors

David C. Rockecharlie has served as Crescent Energy Company’s Chief Executive Officer and a director on Crescent’s Board since December 2021, prior to which he served as Chief Executive Officer and a member of the Board of Crescent’s predecessor entity. Mr. Rockecharlie joined KKR in 2011 and is currently a Partner and Head of KKR’s Energy Real Assets business and Chairman of KKR’s Energy Investment Committee. Prior to joining KKR, Mr. Rockecharlie was co-founder and co-CEO of RPM Energy, LLC, a privately-owned oil and gas company. Previously, Mr. Rockecharlie served as co-head of Jefferies & Company’s Energy Investment Banking Group and before that was an executive with El Paso Corp., where he led a variety of corporate activities. Mr. Rockecharlie began his career as an energy investment banker with S.G. Warburg and Donaldson, Lufkin & Jenrette. Mr. Rockecharlie received an A.B., magna cum laude, from Princeton University.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
In case of sale of your personal information, you may opt out by using the link Do not sell my personal information.
Manage PreferencesAccept
Manage Cookie Preferences

Privacy Overview

Crescent Energy uses cookies, including third-party cookies, on this website. Cookies are small text files that websites send to your computer or other devices connected to the Internet. Cookies perform a number of useful functions, including identifying your browser and monitoring your use of a website. Some of these cookies are strictly necessary for the proper functioning of this website.

First-party cookies are those cookies that are placed by Crescent Energy. Third-party cookies are placed by another company, such as, for example, our third-party service providers.

Cookies on our website are classified into two different categories: Strictly Necessary Cookies and Analytics Cookies.
Strictly Necessary
Always Enabled
These cookies are necessary for our websites to function and cannot be switched off. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our websites. They help us to know which pages are the most and least popular and see how visitors move around the sites.
CookieDurationDescription
_ga1 yearThis cookie name is associated with Google Universal Analytics - which is a significant update to Google's more commonly used analytics service. This cookie is used to distinguish unique users by assigning a randomly generated number as a client identifier. It is included in each page request in a site and used to calculate visitor, session and campaign data for the sites analytics reports. By default it is set to expire after 2 years, although this is customisable by website owners.
_ga_xxxxxxxxxx1 yearUsed by Google Analytics to identify and track an individual session with your device.
ENL-ADCsessionDescription is currently not available.
Unknown Cookies
Save & Accept