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Coterra Energy Inc. (NYSE:CTRA), a player in the crude petroleum and natural gas industry, has successfully issued $1.5 billion in senior notes, according to a recent filing with the Securities and Exchange Commission.
The Houston-based company has closed a registered public offering of two sets of notes: $750 million of 5.40% senior notes due 2035 and $750 million of 5.90% senior notes due 2055, both on Tuesday.
The company has outlined specific conditions under which it must redeem the notes. If the company's pending acquisition of Franklin Mountain Energy does not close by a specified date or is terminated, or if the company decides not to pursue the transaction, Coterra Energy will be required to redeem the 2035 notes at 101% of their principal amount plus accrued interest.
Similarly, if both the Franklin Mountain Energy and a separate pending acquisition from Avant Natural Resources are not completed or are terminated, the 2055 notes will also be redeemed at 101% of their principal amount plus accrued interest.
The news above is based on an SEC filing.
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