Crescent Energy Finance LLC, a subsidiary of Crescent Energy Company (NYSE: CRGY), has commenced an offer to exchange any and all 7.75% senior notes due 2029 issued by Vital Energy, Inc. for up to $298,214,000 aggregate principal amount of new 7.75% senior notes due 2029 issued by CE Finance. Additionally, there is an offer to exchange any and all 9.750% senior notes due 2030 issued by Vital for up to $302,364,000 aggregate principal amount of new 9.750% senior notes due 2030 issued by CE Finance.
The exchange consideration for the 7.75% senior notes due 2029 is $970 principal amount of new Crescent 7.75% senior notes due 2029, while the exchange consideration for the 9.750% senior notes due 2030 is also $970 principal amount of new Crescent 9.750% senior notes due 2030.
In conjunction with the exchange offers, CE Finance is soliciting consents from eligible holders to adopt proposed amendments to each of the indentures governing the existing Vital notes. Each holder of such series of existing Vital notes as of the settlement date will be paid $2.50 in cash for each $1,000 principal amount of existing Vital notes held by such holder as of the settlement date.
The exchange offers and consent solicitations will expire at 5:00 p.m., New York City time, on December 30, 2025, unless extended, and the settlement date is currently expected to be January 2, 2026.
The new Crescent notes offered in the exchange offers have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the new Crescent notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
Wells Fargo Securities, LLC is serving as the dealer manager for the exchange offers and as the solicitation agent for the consent solicitations. Global Bondholder Services Corporation is the information agent and exchange agent for the exchange offers and consent solicitations.
Crescent Energy Company is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Crescent’s investing and operating activities are focused in Texas and the Rocky Mountain region. Today the company's shares have moved 1.95% to a price of $9.43. If you want to know more, read the company's complete 8-K report here.
