Permian Resources Announces Tender Offer for 7.75% Senior Notes

By Bobby Samwell • Sunday, August 04 08:04 • Permanent Link

Permian Resources Corporation (NYSE: PR) has announced the pricing terms of its tender offer to purchase any and all of its outstanding 7.75% senior notes due in 2026. The purchase price for each $1,000 principal amount of the notes, validly tendered and not withdrawn, is set at $1,014.67. The offer is scheduled to expire at 5:00 p.m., New York City time, on August 2, 2024, unless extended or earlier terminated.

Holders whose notes are purchased in the tender offer will also receive accrued and unpaid interest from the last interest payment date up to, but not including, the initial payment date, which is currently expected to be August 8, 2024. The tender offer is being made pursuant to the terms and conditions contained in the offer to purchase and notice of guaranteed delivery.

The tender offer is conditional upon the completion of a contemporaneous notes offering by Permian Resources Operating, LLC (OpCo) on terms and conditions satisfactory to OpCo and Permian Resources. OpCo intends to use a portion of the net proceeds of the notes offering to fund the purchase of the notes in the tender offer. Subject to the completion of the tender offer, Permian Resources intends to redeem all notes not purchased in the tender offer on or about February 15, 2025, at a redemption price of 100.000% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date.

The company has retained J.P. Morgan Securities LLC to serve as the exclusive dealer manager for the tender offer. The press release emphasizes that it 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.

Permian Resources, headquartered in Midland, Texas, is an independent oil and natural gas company focused on the responsible acquisition, optimization, and development of high-return oil and natural gas properties, with assets and operations concentrated in the core of the Delaware Basin.

The market has reacted to these announcements by moving the company's shares -6.7% to a price of $13.82. If you want to know more, read the company's complete 8-K report here.

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