(Source: Shutterstock, Crescent, Silverbow, Hart Energy Archives)
Crescent Energy’s financial arm Crescent Energy Finance LLC is offering for sale $750 million aggregate principal amount of senior notes due 2033, according to the Houston-based company’s June 13 press release.
Crescent intends to use the proceeds to fund the cash portion of its merger with SilverBow Resources and to repay SilverBow’s outstanding debt at the time of the transaction’s closing.
The notes will be guaranteed on a senior unsecured basis by Crescent’s subsidiaries that guarantee Crescent’s existing notes and indebtedness under its revolving credit facility.
However, if the merger has not been completed by May 22, 2025, the SilverBow agreement will be terminated or amended, affecting shareholder interests, Crescent said in its June 13 press release.
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Once the transaction closes, SilverBow shareholders will receive 3.125 shares of Crescent’s Class A common stock per SilverBow common stock, with the option to receive all or a portion of the proceeds in cash at a value of $38 per share.
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