Civitas Resources, Inc. has announced the pricing of an upsized private placement offering of $750 million of new 9.625% senior notes due 2033 at par. This offering is to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933. The company plans to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility.
Civitas Resources, Inc. is an independent exploration and production company focused on crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. The company's business model is centered on generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. The market has reacted to these announcements by moving the company's shares -0.87% to a price of $28.40. For the full picture, make sure to review CIVITAS RESOURCES, INC.'s 8-K report.