While the deal is an all-stock transaction, Permian Resources will assume Earthstone’s debt when the transaction closes. In conjunction with the transaction, Permian Resources, based in Midland, Texas, secured a $500 million incremental commitment under its credit facility from Wells Fargo Bank.
The offered securities’ net proceeds will repay company indebtedness, which may include amounts outstanding under the credit facility used for the Earthstone deal. The transaction is expected to close by year’s end.
The notes will be guaranteed on a senior unsecured basis by Permian Resources and all of the issuer's subsidiaries that guarantee the issuer's obligations under its senior secured credit facility.
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