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HOUSTON - Crescent Energy Finance LLC, a subsidiary of Crescent Energy Company (NYSE:CRGY), announced Tuesday that holders of its 9.250% Senior Notes due 2028 have tendered $306,125,000 in principal amount as of the Early Tender Date in its cash tender offer. The tender offer comes as InvestingPro data shows the company managing a substantial $3.6 billion debt load, with a current ratio of 0.78 indicating tight liquidity conditions.
The company is offering to purchase up to $500 million aggregate principal amount of the outstanding notes. Holders who tendered by the July 7 Early Tender Date will receive $1,043.75 per $1,000 principal amount, which includes a $50 early tender premium.
Payment for notes tendered by the Early Tender Date is expected on July 9, while payment for notes tendered after the Early Tender Date but before the July 22 expiration will follow the Expiration Date.
The tender offer is not conditioned on any minimum amount of notes being tendered. Notes that were validly tendered by the Early Tender Date can no longer be withdrawn except in limited circumstances where additional withdrawal rights are required by law.
BofA Securities is serving as the exclusive Dealer Manager for the tender offer, with Global Bondholder Services Corporation acting as the depositary and information agent.
Crescent Energy Company describes itself as a U.S. energy company with assets concentrated in Texas and the Rockies. The information in this article is based on a press release statement from the company and enhanced with InvestingPro data.
In other recent news, Crescent Energy reported its Q1 2025 earnings, surpassing analysts’ expectations with an earnings per share of $0.56, compared to the forecasted $0.48. The company also exceeded revenue projections, reporting $950.17 million against the expected $941.57 million. Additionally, Crescent Energy announced the pricing of $600 million in senior notes due 2034, an increase from the initially planned $500 million, with proceeds intended to fund a tender offer for its outstanding 9.250% Senior Notes due 2028. Piper Sandler initiated coverage on Crescent Energy with an Overweight rating and a price target of $14.00, highlighting the company’s strategic focus on the Eagle Ford basin and its strong hedge book. Raymond James reaffirmed its Strong Buy rating, maintaining a price target of $16.00, noting Crescent Energy’s robust free cash flow and alignment with production guidance. The company achieved record production levels, reaching 258,000 barrels of oil equivalent per day, and reported an adjusted EBITDA of $530 million. Despite these positive financial results, Crescent Energy’s stock experienced a decline in after-hours trading, reflecting broader market volatility.
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