Crescent Energy Announces Offering of $150M Private Placement of Additional 9.250% Senior Notes Due 2028
Portfolio Pulse from Benzinga Newsdesk
Crescent Energy Company (NYSE:CRGY) announced its subsidiary Crescent Energy Finance LLC's intention to offer $150 million of 9.250% Senior Notes due 2028 in a private placement. These additional notes will be under the same terms as the existing $850 million notes issued previously. The proceeds will be used to repay part of the outstanding amounts under its revolving credit facility.
December 05, 2023 | 12:22 pm
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Crescent Energy's subsidiary is offering additional senior notes to raise $150 million, which will be used to repay existing revolving credit facility debts.
The offering of additional senior notes by Crescent Energy is a financial maneuver to manage its debt profile. While this could indicate a proactive approach to debt management, the impact on the stock price in the short term is likely to be neutral. Investors may view this as neither a strong positive nor a negative, but rather a continuation of the company's financial strategy.
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